Ver Angola

Economy

Kwanza devalued 0.61 percent against the dollar in August

In August, the kwanza suffered a devaluation of 0.61 percent against the dollar, and is being traded at 617.3, according to BPI data. This devaluation is the result of changes in exchange rates in formal and informal markets.

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Since the beginning of the year, the kwanza has already suffered a depreciation of 17.4 percent against the dollar and 21.4 against the euro, which in the streets are worth about 770 kwanzas and 880 kwanzas, respectively.

According to Jornal de Angola, this devaluation is justified by the fact that there are fewer currencies available on the exchange market. This has affected exchange rates: for example, the difference between the exchange rate applied by the National Bank of Angola (BNA) and the informal market has been increasing. Data reveal that in April of this year the exchange rate differential between these two markets was 5.0 percent, however, in August the differential rose to 23 percent.

To combat the successive devaluation of the kwanza, the BNA began, in January of this year, to hold auctions for the sale of foreign currency by oil companies directly to commercial banks.

Last month, the BNA made some 312 million dollars available to the foreign exchange market, representing a drop of around 112 million dollars in relation to July. According to the same newspaper, the amount made available in August is the lowest ever recorded since the series began in 2014.

The figures also show that in the first three months of this year 1.79 billion dollars was made available for auction, 0.71 dollars less than those sold in the last quarter of 2019 (2.50 billion dollars).

In April, it was decided that the purchase and sale of currencies would now be carried out on the Bloomberg platform, with the reference exchange rate to be calculated by the average of the exchange rates verified during the operations carried out on the platform.

The same newspaper also states that despite the devaluation registered at the end of 2019, the Effective Real Exchange Rate index (ITCRE) registered an appreciation of 1.19 per cent this year, justified by the reduction of relative prices by 0.28 per cent.

The nominal effective exchange rate, on the other hand, depreciated by 3.39 per cent, less than the 23.49 per cent depreciation recorded in the previous quarter.

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