africa Angola Currency Finance

Angola Kwanza accumulates 34.1% loss

The Kwanza has already lost 34.1 percent against the Euro, after the 25 million euro auction on Wednesday by the National Bank of Angola (BNA) to replace the commercial banks’ exchange position.

With the Wednesday session, a weighted average exchange rate of AKz 281,518 per EURO, with a change of 1.21 percent, was established when five months ago the European single currency was sold at 185.40 kwanzas.

The US Dollar is now priced at 239 kwanzas, when on January 9 it was traded at 165.92 kwanzas.

New commercial banks contributed to the calculation of the new reference exchange rate under the floating regime in force since last January.

BNA also sold foreign currency in the amount of Euros 196.6 million to cover commercial operations (goods, services and capital) and in the amount of Euros 65.8 million to cover private operations (travel, education, salaries of expatriates).

Source; Angop

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