Angola Kwanza rises by 20% following surging barrel prices

Source: Furtherafrica

The Central African oil producer is forecast to experience economic growth of +2.9% in 2022, following five years of recession.

With prices reaching $116 per barrel as of March 23, oil-dependent countries like Angola, which generates 90% of its export revenue from crude oil, have seen their national currencies soar.

The Angolan kwanza has risen by 20% in 2022 alone, owing to a combination of robustbarrel prices, forecast positive economic growth, and rising interest rates from the Central Bank that reached a record 20% last July.

Source: Furtherafrica

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