Angola: Currency hits all-time low against US dollar, euro once again

The Angolan kwanza reached an all-time low again as it occurred on 16 April, of 363.166 kwanzas/euro and 322.757 kwanzas /dollar, the central bank (Banco Nacional de Angola – BNA) said on Tuesday.

On 16 April, the Angolan currency reached 363.074 kwanzas/euro and 321.049 kwanzas/dollar.

In relation to the European currency, the kwanza has depreciated by 48.948% since 9 January, when it was traded at 185.4 kwanzas/euro, and authorities began selling to commercial banks the currencies at auction.

The kwanza will see a 50% depreciation against the European Union when it is traded at 370.800 kwanzas/euro.

Compared to the US currency, the kwanza has depreciated by 48.592% since 9 January, when it traded at 165.92 kwanzas/euro.

In January 2018, due to the peak of the economic crisis the country was experiencing, started foreign currencies exchange auctions with commercial banks, first three times a week and now daily

On the black market, euro is currently being traded between 480 and 500 kwanzas and the US dollar between 410 and 430 kwanzas.