80974
Angola Faces Currency Test
Angola Faces Currency Test

Angola Faces Currency Test

Angola Faces Currency Test

Angolan President Joao Lourenco was elected five months ago promising an “economic miracle”. But the path to transforming the oil-dependent country’s economy will be long and difficult—as was highlighted by anger over the de facto de-valuation of the local currency, AFP reported. Since January, new central bank governor Jose de Lima Massano has been presiding over something of a fiscal revolution, weaning the local kwanza currency off its artificial peg to the dollar, and phasing in a floating exchange rate. The local unit has been fixed at a rate of 166 to the dollar since 2016, even if the kwanza has changed hands at a rate of more than 400 for a dollar on the black market. “We have an exchange rate that doesn’t reflect reality,” Massano conceded. Before the currency is allowed to float completely freely by the end of 2018, the kwanza is now trading between two rates that authorities are for now keeping secret to avoid speculation. The central bank chief justified the move by pointing to the urgent need to stem the “continuing decline of currency reserves”.

 

Short URL : https://goo.gl/Qo2FZN
  1. https://goo.gl/v4Et1S
  • https://goo.gl/tt8Mxh
  • https://goo.gl/rLh6ii
  • https://goo.gl/qQQbAH
  • https://goo.gl/m6Whmc

You can also read ...

Debt to GDP ratios across the OECD averaged 73% last year and its members are set to borrow $14.67 trillion from the markets this year.
The world economy is at risk from a rising tide of government...
US has accused ABLV of money laundering and breaching  sanctions on North Korea.
The European Central Bank said Saturday it has determined that...
S&P Ups Russia to Investment Grade
Russia received a long-awaited upgrade to its sovereign rating...
Mexico Hosts 39 Million Tourists, Earns $21 Billion
Mexico saw record revenues from international tourism in 2017...
Peru Deficit Narrows
Peru had a current account deficit of 1.3% of the gross...
China’s Geely Buys $9 Billion Daimler Stake
The founder of Zhejiang Geely Holding Group Co. has...
Manafort Indictment Spells Trouble for Bankers
Recently filed federal charges against President Donald Trump’...
Thorny issues such as content rules for  cars remain unsolved.
It’s looking increasingly likely Nafta talks will extend...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus