The governor of the BNA stressed that since November, the exchange rate "has remained stable," indicating that since the beginning of this year there has been "an appreciation of the kwanza both in the formal and informal market.
Speaking to Rádio Nacional de Angola (RNA), José de Lima Massano explained that the differential between the formal and informal market "was 150 percent to the dollar.
According to the BNA governor, this scenario "revealed well these distortions, operations could not be made in the system, so they were made on the street and a premium was paid.
Today, the differential for the dollar "is less than 10 percent and we have a differential of around 5 percent for the euro," he said, adding that "the foreign exchange market has been operating today on criteria of greater balance.
José de Lima Massano also told RNA that the exchange rate was "managed" and not "dictated by the market," which caused some imbalances.
"We had an exchange rate that was managed, so not dictated by the market. So we would say the exchange rate was 100, for example, but citizens couldn't do the transactions and then what we had, and it's common in these cases where the rate is administered, was limits that were also administered. This is the way to balance the external accounts," he explained, adding that "as soon as the exchange rate starts to play this role, then the whole market has to adjust.
