LUANDA, June 27 (Xinhua) -- The Angolan kwanza closed at 802.355 kwanzas per U.S. dollar Monday, according to official data, surpassing the 800-per-dollar mark for the first time since 2018 when the Central African country abandoned the fixed exchange rate between the two currencies.
The recent devaluation began in early May after approximately six months of a stable exchange rate of around 500 kwanzas per dollar, according to data released by the National Bank of Angola, the central bank. On June 12, the exchange rate exceeded the previous highest record of 661.8745 kwanzas per dollar, and it has continued to rise.
According to local reports, the significant devaluation of the kwanza could be a result of the removal of fuel subsidy, which contributed to higher commodity prices.
Last week, Angolan President Joao Lourenco urged the central bank to focus on strengthening the kwanza and controlling inflation in the country. ■
