Africa’s Number Two Oil Producer Weakens Currency Faster: Chart
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OPEC member Angola has picked up the pace of its currency devaluations as it tries to end shortages of dollars and close a gap with the black-market exchange rate. The central bank of Africa’s second-largest oil producer has weakened the kwanza by 15% against the dollar this month, extending its fall this year to 30%, the most globally after Argentina’s peso. While the official rate is now 443 against the U.S. currency, the kwanza’s street rate is still 18% weaker, according to local website kinguilahoje.com.