Economics
Angola Devaluation's Just the Start as Investors Expect More
- Move has yet to close gap with kwanza’s black-market rate
- Standard Chartered says Angola will probably turn to the IMF
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Angola may have devalued its currency by more than 10 percent, but it will take more than that to end dollar shortages and revive the OPEC member’s battered economy.
The kwanza weakened 11 percent to 187.95 per dollar on Wednesday, a day after the central bank let it drop in an auction of foreign exchange, its first since announcing last week it would end an almost two-year peg to the greenback. The currency pared losses on Thursday, rising 1.3 percent to 185.47 by 9:30 a.m. in Luanda, the capital.