Angola to hold forex auction Tuesday as it ends dollar peg: sources

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U.S. Dollar banknotes are seen in a box at the Money Service Austria company's headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger/File Photo

JOHANNESBURG (Reuters) – Angola will hold a foreign exchange auction on Tuesday, the first since the central bank announced it would shift from a currency peg to a trading band, two banking sources said on Monday.

A forex auction was supposed to take place on Friday but it was delayed until Tuesday, the two sources told Reuters, adding that they expected the kwanza to depreciate between 20 and 30 percent under the new rules.

Reporting by Joe Brock; Editing by Robin Pomeroy

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA). He currently lives in Manhattan New York

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