Angola’s central bank: Only commercial banks allowed to sell forex to public

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Angola’s central bank on Monday said only commercial banks will be allowed to sell foreign currency to the public, and that it would only sell forex to to large importers of essential goods.

The oil-rich southern African nation last month devalued its kwanza currency by about 10 per cent to the dollar, as it sought to attract capital into the county, which was hit hard by a slide in global crude prices.

“National Bank of Angola (BNA) has implemented a new exchange rate framework which, among other measures, gives commercial banks the responsibility of selling foreign currency to citizens and companies that need it,” the bank said in a statement.

“Requests for the purchase of foreign currency must be submitted only to commercial banks, with the exception of large importers of medicines and/or foodstuffs,” it added.

Since the peg was abandoned, the kwanza has lost over 20 percent of its value to the dollar, while persistent shortages of foreign tender over the past half-decade have seen a currency black market flourish.