Angolan Currency Enters Valuation Trajectory - Reserve Bank

Luanda — Angola's currency (Kwanza) has entered into a valuation trajectory following high levels of depreciation recorded since last October 23, the deputy- governor of the National Reserve Bank of Angola (BNA), Manuel Tiago Dias, said on Thursday.

The Central Bank official, who was speaking at a press conference, explained that the valuation of the kwanza results from measures adopted by BNA after the liberalisation of the exchange rate.

Among the measures adopted by BNA stand out the steep increase of foreign currency in local markets and control of the local currency circulation in the economy, Mr Dias said.

He went on to say that since the liberalisation of the exchange rate, the kwanza has recorded nine percent valuation in the market.

The intention of the BNA, he added, is to prevent exchange rate oscillation from becoming too accentuated in the future, but to make it occur in a scale that enables economic agents to foresee the future more carefully.

BNA's exchange rate is determined by the supply and demand law.

See What Everyone is Watching

More From: ANGOP

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.