Exchange Rate in Angola
Angola - Exchange Rate
Kwanza continued to depreciate in August due to Covid-19 and low oil prices
On 21 August, the Angolan kwanza traded at AOA 589.0 per USD. This marked a 5.4% month-on-month depreciation, while the currency was down a staggering 38.9% year-on-year and 18.7% year-to-date.
The steep depreciation reflected the twin impact of Covid-19 and low oil prices, which are dealing a blow to government finances and hurting investor sentiment. The pandemic has hammered the domestic economy, driving a fall in government revenue. Moreover, the impact of the health crisis on the global economy has weighed on prices and depressed demand for oil—a key export for Angola—further weakening the government’s fiscal position. Although crude Cabinda oil prices have recovered some lost ground since May, the price level was still down by over a third year-on-year in the January–July period, weighing heavily on the currency.
Looking ahead, prospects for the currency remain grim. The kwanza is expected to continue to depreciate against the USD this year amid lingering risk aversion over Covid-19 fears, capital outflows due to a steep twin deficit, and uncertainty over the global economic recovery and oil demand.
FocusEconomics panelists forecast the currency to end 2020 at 622.9 per USD and 2021 at 667.7 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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September 13, 2021
Average Cabinda oil prices fell to USD 70.9 USD per barrel (pb) in August, from July’s USD 75.8 pb.
September 12, 2021
Consumer prices increased 2.30% over the previous month in August, accelerating from the 2.28% rise seen in July.
August 13, 2021
Consumer prices rose 2.28% month-on-month in July, accelerating from June’s 2.24%.
August 11, 2021
The average price for Cabinda oil rose to USD 75.8 per barrel (pb) in July, up from June’s USD 73.7 pb.
July 15, 2021
Cabinda oil sold for USD 73.7 per barrel (pb) on average in June, up markedly from USD 68.6 pb in May, and marking the highest price since October 2018.