africa Angola Banking Economy

Angola’s currency gets close to 300 kwanzas per euro

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The European single currency was worth 297,501 kwanzas following a new currency auction conducted by the National Bank of Angola in which 82.49 million euros were made available to commercial banks, according to information from the central bank.

In the second July currency auction, the Angolan currency depreciated by 1.39%, below the 2.0% ceiling stipulated by the central bank, with the highest rate being 299,165 kwanzas and the lowest of 294,884 kwanzas per euro.

The 82.49 million euros sold by the National Bank of Angola went to documentary collections, documentary remittances, advances up to the amount of US$20,000 per invoice, travel, health, education and family support and salaries of foreign workers.

With this new auction, the kwanza has already suffered a depreciation of 38.39% against the euro since January, when the National Bank of Angola changed the fixed rate exchange rate to a floating exchange system in which rates are determined by market forces.

Source: Macauhub

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