Another Oil Exporter Unpegs From The U.S. Dollar

In an effort to shore up dwindling reserves, Angola has decided to unpeg its currency, the kwanza, from the U.S. dollar - a peg which has been in place since April 2016. Angola's foreign exchange reserves have halved since 2014, as the West African nation has attempted to defend the kwanza versus the U.S. dollar. Unpegging the currency has caused a swift 10 percent weakening in the currency, with further devaluation likely ahead unless oil prices continue to rally from here. Angola joins other nations such as Nigeria and Russia, who have intervened…

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