Angola drops dollar for euro in new exchange rate regime
Kwanza depreciates 11.5% against the dollar following regime change
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
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