Angola Banks to Convert Foreign-Currency Mortgages to Kwanzas
- Measure aims to reduce risk of default as kwanza depreciates
- Only homeowners who earn in kwanzas will be eligible
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Angola’s central bank has ordered lenders to give their clients the option of converting their foreign-currency mortgages into kwanzas.
The move aims to reduce the risk of default amid a sharp depreciation of the local currency of Africa’s second-biggest oil producer. Only bank customers whose income is paid in kwanzas qualify, the central bank said in a statement published on its website Wednesday.