10 January 2018

Angola: BNA Sets Reference Exchange Rate

Luanda — Angola's National Reserve Bank (BNA)'s reference exchange rate underwent on Monday, January 8, adjustment to an average selling rate of 221.26 Kwanza per Euro (1 Euro equal to AKz 221.26).

Previously the exchange rate was estimated at 186.303 kwanzas per Euro and 166.749 kwanzas for each US dollar.

With this move, BNA's rate stands at 185.513 kwanza per US dollar.

In its website dated January 9th, BNA explains that the current rate is based on Kwanza/EURO, contrary to the previous regime in which it based on kwanza/US dollar.

The BNA carried out a sale auction on Tuesday, in what the move was described as the beginning of exchange rate, under the floating exchange regime, with the participation of commercial banks.

BNA offered for sale Euros 83.6 million (equivalent to USD 100 million) which was fully absorbed.

The Central Bank also informs that the currencies sold was designed for purchase of raw materials, parts and equipment (50 percent).

The insurance, telecommunications, air transport and other services was 20 percent.

While, agriculture, cattle breeding, fisheries and sea benefitted from 17%, toiletries, cleaning, school and office supplies (10%) and three percent of currencies for clothing, shoes, household items.

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