Ver Angola

Economy

Since the beginning of the year, the kwanza has appreciated 15 percent against the dollar

Since the beginning of the year, the kwanza has appreciated by 15 percent against the dollar and 25 percent against the European currency, thus indicating that the period of devaluation that began in 2018 because of the exchange rate reform change has been broken.

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According to Expansão, currently, in the formal market, a $100 bill costs 56,500 kwanzas and a 100 euros bill costs 64,120 kwanzas, 8400 kwanzas and 15,700 kwanzas less than at the beginning of the year, respectively.

The current difference between rates in the formal and informal market stands at around 20 percent, while in 2018, the difference was 159 percent against the US currency and 167 percent against the euro. At the end of November this year, the differential was set at 19 percent against the dollar and 22 percent against the euro.

This success, according to Expansão, comes more from devaluation in the formal market than in the informal one.

Data cited by the same newspaper indicate that in January 2018 each dollar was worth around 165 kwanzas in the formal market, while on the streets of Luanda it was worth 430 kwanzas. This Tuesday, November 30, 2021, in the formal market each dollar was worth around 565 kwanzas and on the streets it was worth 675 kwanzas.