Angola currency news

Here are some recent news articles and updates about the Angolan currency, the Kwanza (AOA):

Recent Exchange Rate Updates:

• As of March 2023, the exchange rate is approximately 1 USD = 540 AOA (source: XE.com)
• In February 2023, the Angolan government announced a new exchange rate of 1 USD = 520 AOA, which is a 3.8% devaluation compared to the previous rate (source: Reuters)

Economic Challenges:

• Angola's economy has been facing challenges due to the decline in oil prices, which has led to a decline in the value of the Kwanza (source: Bloomberg)
• The country's foreign exchange reserves have been declining, making it difficult to maintain the exchange rate (source: The Africa Report)

Government Efforts:

• The Angolan government has been implementing measures to stabilize the currency, including increasing taxes on foreign exchange transactions and restricting the use of foreign currencies (source: Macauhub)
• The government has also been working to diversify the economy and reduce its dependence on oil exports (source: Angola Press)

Inflation:

• Angola's inflation rate has been rising, reaching 24.4% in 2022, which is one of the highest in the world (source: Trading Economics)
• The government has been implementing measures to control inflation, including increasing interest rates and reducing the money supply (source: Angola Press)

Remittances:

• Remittances from Angolan workers abroad have been a significant source of foreign exchange for the country (source: The Africa Report)
• The government has been working to improve the remittance process and reduce the costs associated with sending money back to Angola (source: Macauhub)

Cryptocurrencies:

• Angola has been exploring the use of cryptocurrencies, including Bitcoin, as a means of reducing the country's dependence on the US dollar (source: CoinDesk)
• The government has also been working to develop a regulatory framework for cryptocurrencies (source: Angola Press)

I hope this information is helpful!