Ver Angola

Economy

Consultant NKC: kwanza value against the dollar should fall 50 percent this year

Consultant NKC Research estimated that the national currency will depreciate 50 percent this year against the dollar, with inflation reaching its highest level since December 2017.

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"The inflation rate continues to rise, having reached the highest value in August since December 2017, according to data from the National Institute of Statistics, which registered a rise in prices of 23.4 percent in August, increasing to 22.9% per cent in July, "reads an analysis by this African subsidiary of Oxford Economics on the rise in prices in Angola.

According to the comment from analysts, sent to customers and to which Lusa had access, the rise in inflation in the first three quarters of this year "is mainly due to the drop in oil prices and the exchange liberalization of last year, which caused a drop in the value of the kwanza by 20 percent since the beginning of this year ".

In early September, they point out, a dollar was worth 633 kwanzas, in a context of falling oil prices due to fears of a slower recovery in world demand than expected.

"The Angolan national currency remains vulnerable to changes in global sentiment and is expected to depreciate by more than 50 percent compared to last year's value, which will continue to put pressure on consumer prices, due to Angola's heavy dependence on products imported, "warn analysts, concluding that the application of VAT and the increase in university fees will also increase inflation.

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