Angola Drops Its Currency Further a Week After Ending Peg
- Central bank weakens kwanza to 203.61 per dollar in auction
- Angola’s currency has depreciated almost 20% in this month
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Angola weakened its currency by 10 percent against the dollar, letting it drop for a second time this month after scrapping a peg in a bid to boost its battered economy.
The central bank sold euros on Tuesday at a rate of 248.77 kwanzas per euro, it said in a statement on its website. That was 11 percent weaker than the rate of 221.26 used at the last auction a week ago. It moved its dollar rate to 203.61 from 182.69.