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 Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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