contact@aopi.org Thursday - December 14,2017

Angola's Kwanza weakens to record low on tight dollar supply


Angola's Kwanza weakens to record low on tight dollar supply

Angola's kwanza weakened to a fresh record low on Wednesday as lower global oil prices continued to limit US dollar supplies in Africa's second largest crude exporter.

The local unit was 0.75 per cent weaker at 106.8 against the dollar by 1230 GMT, Thomson Reuters data showed. The kwanza has reached all-time lows on almost a daily basis in recent months, hit by a halving of oil prices since June last year.

Angola's central bank sold $399.4 million between March 2 and 6 at an average rate of 107.42 against the dollar, the regulator said in a notice on Tuesday. Forex sales volumes were down from $600 million in the previous week.

Source: cnbcafrica.com

COMENTÁRIOS