Angolan currency devalued by over 10% against the dollar in one week

The national currency of Angola, the kwanza, has experienced a sharp devaluation of 12% within a week, resulting in a current exchange rate of 682 kwanzas per dollar.

This is a significant drop from 610 kwanzas per dollar the previous Tuesday, as reported by the National Bank of Angola (BNA).

This depreciation signifies an additional expenditure of 72 kwanzas to purchase one dollar compared to the previous week.

Compared with the euro, the kwanza fared even worse, experiencing a decline of 13% since May 6, shifting from an exchange rate of 651 kwanzas per euro to 736 kwanzas per euro, based on the official exchange rate.

According to Banco Fomento Angola (BFA), since the start of 2023, the cumulative devaluation of the Angolan kwanza has approached nearly 24%.

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