BNA auctions €74.5 million in hard currency, kwanza keeps falling

  • ECO News
  • 4 October 2018

The Angolan central bank announced this Thursday that it had concluded a foreign currencies exchange auction with seven commercial banks. The amount sold (€74.53 m) devalued the kwanza yet again.

Angola’s central bank (Banco Nacional de Angola – BNA) said on Thursday it had sold foreign currency to commercial banks and had placed €74.53 million on the primary market, with the kwanza continuing to devalue.

For the first time since 9 January, the day the auction operations began, the amount available for the commercial banks (€100 million) was not all acquired by the seven banks that participated in the auction, in which the kwanza fell to 347.721 against the euro«.

At the start of the year, the exchange rate was 185.40 kwanzas/euro, meaning the accumulated depreciation now stands at 46.68%. Three days ago in the last auction, the kwanza was traded at 345.941 to the euro.

The same movement has been seen against the US dollar with the kwanza breaking the 300 threshold, now quoted at 301.344 kwanzas/dollar, representing a 44.94% devaluation since January.