Angola’s currency (Kwanza) has entered into a valuation trajectory following high levels of depreciation recorded since last October 23, the deputy-governor of the National Reserve Bank of Angola (BNA), Manuel Tiago Dias, said on Thursday.
The Central Bank official, who was speaking at a press conference, explained that the valuation of the kwanza results from measures adopted by BNA after the liberalisation of the exchange rate.
“Among the measures adopted by BNA stand out the steep increase of foreign currency in local markets and control of the local currency circulation in the economy”, Mr Dias said.
He went on to say that since the liberalisation of the exchange rate, the kwanza has recorded nine percent valuation in the market.
The intention of the BNA, he added, is to prevent exchange rate oscillation from becoming too accentuated in the future, but to make it occur in a scale that enables economic agents to foresee the future more carefully.
BNA’s exchange rate is determined by the supply and demand law.