Angola abandons currency trading band

angola-web

The National Bank of Angola has removed a trading band on the country’s local currency as part of a new floating exchange rate regime.

At an unscheduled meeting of the bank’s monetary policy committee on October 23, policy-makers said the 2% range in which the kwanza currently trades was to be abandoned.

Since the beginning of the year, the kwanza has depreciated 36% against the US dollar with the majority of its losses (23%) occurring in October. Much of the fall has been attributed to a

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