Angola abandons currency trading band
Central bank floats currency in bid to alleviate FX shortage, after IMF raises concerns
The National Bank of Angola has removed a trading band on the country’s local currency as part of a new floating exchange rate regime.
At an unscheduled meeting of the bank’s monetary policy committee on October 23, policy-makers said the 2% range in which the kwanza currently trades was to be abandoned.
Since the beginning of the year, the kwanza has depreciated 36% against the US dollar, with the majority of its losses (23%) occurring in October. Much of the fall has been attributed to a
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