africa Angola Banking Currency Economy

Angola Kwanza facing new depreciation

The Euro has been traded at 285.5 kwanzas in the primary market since Monday, as a result of the currency auction conducted by the National Bank of Angola (BNA).

The National Central Bank placed into the market 50 million euros.

In Monday’s auction held with the participation of commercial banks, the Kwanza recorded a depreciation of 1.43 percent and accumulated a loss of 35 percent against the Euro since last January, under the floating exchange rate regime.

The US dollar is now priced at 246 kwanzas, while on January 1st it was worth 165.92 kwanzas, a depreciation of 32%.

Source: Angop

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