Ver Angola

Banking and Insurance

Central bank has already placed 170 million dollars on the market this week

The National Bank of Angola (BNA) has already sold 68 percent of the 250 million dollars available to commercial banks, leading the kwanza to maintain the recovery trajectory that began this week with the injection of foreign currency into the market.

: Ampe Rogério/Lusa
Ampe Rogério/Lusa  

According to the BNA, the kwanza was trading at 905 per dollar this Wednesday, after reaching a 25-year low at the beginning of the month, when 961 kwanzas were needed to buy one dollar.

The BNA said in a statement that a total of 170,040,590.15 dollars had been made available to banks "to cover foreign exchange operations for the import of food and medicines, with the remainder remaining available to the market throughout the current week".

The kwanza is the fifth worst-performing African currency and has already depreciated by around 10 percent against the dollar this year, and the BNA has used its power, as a central bank, to increase the amount of money in circulation to halt this trend.

In addition to Angola, South Sudan, Mauritius, Nigeria, Zambia and Zimbabwe have also injected dollars into their foreign exchange markets to support their currencies and try to slow inflation.

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