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Angolan currency gets depreciated by 1.7%

The Angolan Kwanza (AKZ) in the beginning of this week got depreciated by 1.7% in relation to the European currency (Euro), following a foreign exchange auction carried out by the National Reserve Bank (BNA), which placed in the primary market €192.4 million.

The same auction placed the exchange rate at AKZ 258.03 for one Euro, which represents a depreciation level of 1.7%, which, added to the results of the previous auctions that started on 09 January, leads to an overall depreciation of the Kwanza of about 28 per cent.

Since the introduction by the BNA of the floating exchange rate system a few weeks ago, the highest exchange rate observed so far was AKZ 258,78 for one Euro and the lowest was AKZ 254.21.

The authorities have also announced that the reference international currency for Angola is now the Euro.

The auctions have been attended mainly by commercial banks, which have negotiated with the BNA the exchange rate in each auction.

On the other hand, the American Dollar (USD) – which this year ceased being the reference currency for Angola’s transactions – this week was traded at 207.69 Kwanzas for One USD.

ANGOP has learnt that the next sale (auction) of foreign exchange is scheduled for 07 February, 2018.

Source: Angop

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