Angolan central bank stops using currency trading band
Kwanza recently allowed to trade more freely
22 October 2019 - 17:59
Angola’s central bank has stopped using a trading band that kept the kwanza’s value within a fixed range, accelerating the currency’s slump, according to two informed sources.
The central bank of Africa’s second-largest oil producer last year introduced a rule that would not allow the kwanza to move more than 2% at currency auctions. It started allowing the currency to trade more freely at some auctions earlier in October, said the sources, who asked not to be identified because they are not allowed to speak to the media...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.