Angolan currency gets depreciated by 47.17% in relation to Euro

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Angolan currency gets depreciated by 47.17% in relation to Euro

5:10 CAT | 02 Nov 2018

Last January, one Euro was being traded at AKZ 185.4, and now it costs 350.9 Kwanzas.

The present rate was established last Monday at the penultimate foreign exchange auction organised by the Angolan National Reserve Bank (BNA), in which it was made available Eur 40 million for the bidders (twelve commercial banks).

In the same session, the Kwanza got its highest depreciation figure in relation to the dollar as well, costing now AKZ 308.3 in comparison to the AKZ 307.1 of last Friday and the 165.92 kwanzas in January this year.

Meanwhile, the last foreign exchange auction is to take place this Wednesday.

On 09 January this year, the BNA put an end to the fixed exchange rate system and introduced the floating exchange rate system, which has reduced substantially the gap between the official exchange rate and the informal one.

Source: Angop