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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

Does ANY country's currency exchange rate 'reflect the truth' when gold is rigged?

By cpowell
Created 2018-01-04 00:33

Angola's Central Bank Plans to Loosen Kwanza's Peg to the Dollar

By Henrique Almeida and Candido Mendes
Bloomberg News
Wednesday, January 3, 2018

Angola plans to loosen its currency peg to the dollar by establishing a band in which the kwanza can float freely, central bank governor Jose de Lima Massano said.

The possibility of a currency depreciation is "great for the reasons we know," Massano told reporters in the capital, Luanda, today. "We have an exchange rate that does not reflect the truth."

Angola has been struggling to cope with lower crude prices since mid-2014, which led to zero economic growth in 2016 and resulted in a sharp drop in the country's foreign-currency reserves. The kwanza is currently pegged at around 166 per dollar but trades at more than 400 per dollar in the black market. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2018-01-03/angola-s-central-bank... [1]



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