In the space of a month, the kwanza appreciated by 0.3 percent against the US currency. According to the Expansion, in early 2021 the dollar was worth 650.51 kwanzas at the Banco Nacional de Angola (BNA), while at the end of January the value stood at 648.37 kwanzas, representing a valuation of around 0.3 percent.
The same was also true of the European currency: in one month the national currency appreciated 2.6 percent. At the beginning of the year, the euro was worth 799.74 kwanzas, while this Wednesday its value dropped to 779.54 kwanzas.
Several experts consider that the kwanza will have already finished its adjustment phase after a change in the exchange rate policy began in 2018. For this reason, the national currency will already be close to finding its balance.
Among the exchange rate reforms is the entry of the FGX Bloomerg platform into the market, which has facilitated access to the process of foreign exchange sales and thus increased the number of participants in this process.
After the BNA allowed oil companies, diamond companies and the National Treasury to enter the foreign exchange market, they began to sell foreign currency through FGX Bloomerg. For example, in the diamond area, foreign exchange trading began to be done by companies working in the country's exploration mines.
These changes allowed the foreign exchange market to acquire more resources in foreign currency from various suppliers, thus reducing the presence of the BNA in foreign exchange auctions.
