Ver Angola

Economy

Kwanza recovers from 25-year lows with central bank foreign exchange injection

The kwanza has recovered from a 25-year low against the dollar after the National Bank of Angola (BNA) resumed selling foreign currency to commercial banks, making a total of 250 million dollars available.

: Expansão
Expansão  

According to a statement from the central bank, the 250 million dollars is intended to cover foreign exchange operations for the import of food and medicines, with 71 million dollars having been sold on Wednesday at an exchange rate of 945 kwanzas per dollar.

The remaining amount will be made available to banks later this week, the institution said.

According to Bloomberg, this operation allowed the kwanza to recover to 923 per dollar, compared to 961 on 1 October, the lowest level since 1999.

"It also helped Africa's fifth worst-performing currency to reduce its losses against the dollar this year to around 10 percent," reports the agency specialising in financial information, explaining that the strengthening of the kwanza could help to moderate annual inflation, currently at 30.5 percent.

The last time the BNA intervened was in August, with the sale of 99.1 million dollars to creditors, Bloomberg reports, noting that South Sudan, Mauritius, Nigeria, Zambia and Zimbabwe also injected dollars into their foreign exchange markets to support their currencies and dampen inflation.

Related

Permita anúncios no nosso site

×

Parece que está a utilizar um bloqueador de anúncios
Utilizamos a publicidade para podermos oferecer-lhe notícias diariamente.