Luanda — Angola is planning to give freer rein to its currency and end a foreign-exchange scarcity that has crippled the oil cartel Opec member’s economy. It also plans to renegotiate some debt, which sent its dollar securities tumbling. The central bank will scrap the kwanza’s peg to the dollar and establish a band in which the currency will trade before the end of this quarter, governor José de Lima Massano told reporters in Luanda on Wednesday. The central bank won’t publicize the trading range, but will take "corrective measures" if the kwanza floats outside it, he said. "We have an exchange rate that does not reflect the truth," Massano said. The possibility of a currency depreciation is "great". The trading band will be decided at a policy meeting on Thursday, the country’s RNA Radio reported, without saying how it got the information. The move underlines how President João Lourenço, little more than three months after being elected in place of José Eduardo dos Santos, is driv...
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