Africa-Press – Angola. The Angolan kwanza has recovered from a 25-year low against the dollar after the National Bank of Angola (BNA) resumed selling foreign currency to commercial banks, making available a total of US$250 million.
According to a statement from the Angolan central bank, the 250 million dollars (around 226.5 million euros) are intended to cover foreign exchange operations for the import of food and medicines, with 71 million dollars having been sold on Wednesday, at an exchange rate of 945 kwanzas for each dollar.
The remaining amount will be made available to banks during this week, the institution said.
According to Bloomberg, this operation allowed the kwanza to recover to 923 per dollar, compared to 961 registered on October 1, the lowest level since 1999.
“It also helped Africa’s fifth worst-performing currency reduce its losses to around 10% against the dollar this year,” reports the financial information agency, explaining that the strengthening of the kwanza could help moderate annual inflation, currently at 30.5%.
The last time the BNA intervened was in August, with the sale of 99.1 million dollars to creditors, Bloomberg reports, noting that South Sudan, Mauritius, Nigeria, Zambia and Zimbabwe also injected dollars into their foreign exchange markets to support their currencies and cushion inflation.
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