Angola drops dollar for euro in new exchange rate regime

Photo of Angola flag and euros

Angola’s central bank has chosen to set its new benchmark exchange rate in euro terms, rather than dollars, in a decision revealed after its most recent foreign exchange auction.

On January 8, the National Bank of Angola adjusted its benchmark exchange rate, subsequently auctioning €83.6 million ($100 million) at a weighted average rate of 221.26 kwanza per euro. 

At its December monetary policy meeting, the central bank said it would be abandoning the currency peg which had become unsustainab

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