Angola is Africa’s second-largest petroleum producer, and its economy relies on oil for 90% of export revenue. Kwanza increased by 20% due to the rising oil prices, interest rates, and multiple credit-rating improvements. This made it the best performing currency against the US Dollar.
After a five-year recession, Angola’s economy is expected to grow 2.9%. Angola had its credit rating raised after the country completed its $4.5-billion program with the IMF, which enabled the Kwanza to trade freely against the dollar. Angola’s central bank increased its standard interest rate to 20% from 15.5% to control inflation. The central bank aims to stop Angola’s exchange market’s primary dysfunctions and imbalances.
