The National Bank of Angola (BNA) said today that since January 2023, the kwanza has been devaluing on the market. Even so, it guarantees that there is no reason to panic about this devaluation.

The governor of the BNA, José de Lima Massano, who was speaking in Bié after the 111th meeting of the Monetary Policy Committee, pointed out that oil and gas generate around 95% of Angola's foreign exchange resources, so any change in the quantities produced or prices on the international markets influences the functioning of the economy.

The source stressed that "in the first four months of the year we saw a drop in export revenues," indicating that this had an impact on the supply of foreign currency, which was also visible on the Bloomberg FXGO platform, available for foreign currency trading between large exporters and buyers.

"[Particularly in the last two months] we have seen a drop of 40% in this foreign exchange resources platform and we have seen a number of situations, some of which we had already overcome, of pending operations," said Lima Massano, quoted by Lusa.

According to the governor, "the instrument we have for correcting supply and demand is the price and what we are seeing is this new adjustment, determined by market forces, which is putting pressure on the national currency," indicating that since January, the kwanza has depreciated 7% against the dollar.