So far this year, Angola's kwanza is Africa's weakest currency against the dollar after a 21% plunge in the past month. Experts are pointing to low oil prices and an increase in debt payments pushing the Central Bank to stop propping it up. The kwanza was trading at 637.30 per U.S. dollar on Monday, having weakened from 506.00 on May 15. It had been between 502 and 506 kwanza to the U.S. dollar since November 2022.
The slide in the kwanza could push up inflation, which fell from 27.7% in January 2022 to 10.6% in April (AOCPIY=ECI), and raise the cost of international debt payments, analysts said.
Source: reuters.com
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