January 4, 2018 / 11:24 AM / a year ago

Angola dropped currency peg due to depleting reserves - cbank

LUANDA, Jan 4 (Reuters) - Angola central bank said on Thursday rapidly depleting foreign currency reserves prompted it to ditch its kwanza currency peg against the U.S. dollar, adding that there was an imbalance between supply and demand.

The central bank unveiled plans on Wednesday to shift from currency peg to a trading band, which would keep the kwanza’s value within a range. The central bank did not give details of what the trading band levels would be. (Reporting by Tiisetso Motsoeneng; Editing by Joe Brock)

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