Economics
Angola Joins Long List of Oil Nations in Ditching Dollar Peg
- Russia, Kazakhstan, Egypt have already freed up currencies
- Move ‘a long time coming,’ says fund manager Neuberger Berman
Oil tankers pass along the road towards the capital Luanda, Angola.
Photographer: Simon Dawson/Bloomberg
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Angola is poised to become the latest emerging nation to abandon its currency peg as it seeks to rescue an economy still reeling from the oil-price crash four years ago.
The southern African nation, an OPEC member, said this week it would let the kwanza trade within a new band. The rate at which it’s been fixed against the dollar since April 2016 “does not reflect the truth,” according to Jose Massano, who became central bank governor in late October.