Angola's kwanza is Africa's weakest currency against the dollar so far this year after a 21% plunge in the past month, with analysts flagging 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 kwanza exchange rate was remarkably stable from November to April, suggesting that the Bank of Angola used forex reserves to stabilize the value of the currency," Gerrit van Rooyen, an economist at Oxford Economics, said by email.
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