Angola looks to abandon currency peg

angola-web
Angola’s capital, Luanda

The governor of the National Bank of Angola has announced the country will be abandoning its currency peg this month, after falling oil prices made the current framework unsustainable.

“We will stop having a fixed foreign exchange,” José de Lima Massano is reported to have said. “We will adopt a floating regime of foreign exchange.” The changes will be implemented this month, he added.

Angola’s kwanza is currently pegged at around 165 per dollar. But, following the crash of oil prices in 2014

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