Exchange Rate in Angola
Angola - Exchange Rate
Kwanza plunges to record low in April amid fallout from Covid-19
The Angolan kwanza continued to plummet against the U.S. dollar through much of April, as global oil prices collapsed and fears of a severe recession intensified amid the Covid-19 pandemic. On 24 April, the kwanza ended the day at 562.3 per USD, depreciating 7.9% over the same day in March. Furthermore, the currency was 14.8% lower on a year-to-date basis and was down 43.3% in year-on-year terms.
Global crude oil prices dived to over two-decade lows in the second half of April due to evaporating demand, piling pressure on the kwanza. At the same time, the domestic economic backdrop worsened significantly in recent weeks amid strict lockdown measures announced by the government, in turn sparking fears of a severe recession in Angola. This supported investors’ fears and sparked capital outflows out of the country, further hammering the kwanza.
Looking forward, prospects remain bleak. With global commodity markets likely to remain in turmoil for the reminder of the year and domestic activity unlikely to show a marked rebound in the near-term, the kwanza is expected to remain under considerable downward pressure through year-end.
FocusEconomics panelists forecast the currency to end 2020 at 582.6 per USD and 2021 at 610.2 per USD.
Angola - Exchange Rate Data
|Exchange Rate (vs USD)||135.2||165.8||165.8||307.7||479.0|
5 years of economic forecasts for more than 30 economic indicators.
Angola Exchange Rate Chart
Source: Thomson Reuters
|Exchange Rate||479.0||0.0 %||Jan 01|
|Stock Market||0.1||0.0 %||Jan 07|
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June 17, 2020
On average, Angola’s Cabinda crude oil sold at USD 27.9 per barrel (pb) in May, up from April’s over two-decade low of USD 14.1 pb.
June 15, 2020
Consumer prices in the province of Luanda increased 1.9% in May over the previous month, moderating from the 2.0% increase recorded in April.
May 20, 2020
The average price of Angola’s Cabinda crude plummeted to an over two-decade low of USD 14.1 per barrel (pb) in April, from March’s USD 33.1 pb.
May 12, 2020
Consumer prices increased 2.0% in April over the last month, picking up from the 1.7% rise logged in March.
May 7, 2020
The Monetary Policy Committee of the National Bank of Angola (BNA) moved forward its scheduled meeting by 20 days to 7 May.