The National Bank of Angola governor, José Massano, and Minister of Finance, Archer Mangueira, have announced that that the country will scrap its currency peg to the US dollar, and instead allow the Angolan kwanza to trade within a band against the US currency. The limits of the band are yet to be defined.
This decision was made due to the "macroeconomic fundamentals of the Angolan economy, and particularly the decreasing trend of international reserves," read a statement from the national bank.
Economists have said the kwanza policy shift could concern investors over the short-term.
