BPC and Access Bank ‘dispatch’ the dollar and euro with the most expensive rates on the market.

Until the date of data collection, the BPC sent one euro at 991.9 Kwanzas, while Access Bank charged, for each dollar, 901.1 kwanzas/dollar.

Savings and Credit banks (BPC) and Access Bank are among the institutions in the banking market that sell euro and dollar banknotes at the highest prices, according to the rates charged by banks until the 18th, according to the price list available on the website .

Until the date of data collection, the BPC sent one euro at 991.9 Kwanzas, while Access Bank charged, for each dollar, 901.1 kwanzas/dollar.

Justifying the rise in the currency is the scarcity of foreign currency, which is pushing companies and individuals towards the informal market, with the exchange rate difference between the official and parallel rates already being in the order of 30%. Commercial banks also apply different exchange rates and Expansão shows the values ​​from last Tuesday.

In the aggregate of all banks, the dollar was being sold for a minimum value of 852.5 kwanzas. Meanwhile, in informal markets, the dollar was sold for 1,090 kwanzas, 237.5 more kwanzas, that is, 28% higher.

As for the euro, until last Tuesday, it was sold for a minimum price of 913 Kwanzas in commercial banks while kinguilas sold for 1,220 Kz, plus 307 kwanzas, that is, 33% higher.

Although costs are higher in informal markets, demand continues to grow as banks continue to have a shortage of currency and very long deadlines for international transfers.

In general, the exchange rates for the US dollar at different commercial banks varied between 852.5 and 901.1 kwanzas. The euro, until May 18, was worth between 913.0 and 991.9 kwanzas for each unit in different banks.

Banco Angolano de Investimentos (BAI), for example, once again reduced the limit value for monthly top-ups of BAI Kamba Visa cards from 500 to 250 dollars, which it justified by pointing to exceptionalities in the evolution of the foreign exchange market.

In turn, the Official Bank of China only had exchange rates for the 14th of the current month available on its website. Standard Chartered Bank Angola, taking into account the nature of its activities, does not have the exchange rates practiced by the bank available on its website and information obtained from the BNA website was used in the report, as indicated by the institution itself.

It is also important to remember that until May this year, the BNA had already sold currency valued at 297 million dollars to commercial banks, in order to alleviate the shortage in the market.

In May, the BNA made an additional 200 million dollars available on the foreign exchange market, amounts that were purchased in full by 17 commercial banks. The measure was taken with the aim of overcoming the lack of foreign currency that has been occurring since last year, as banks now have access to less currency.

To give you an idea, commercial banks now only have access to around 600 million USD per month, equivalent to half the monthly value transacted in 2022. Although imports have fallen by around 40%, the truth is that there is a clear imbalance between demand and supply of foreign exchange, whether in the business sector or for individuals.

In February, the Treasury had already made available 300 million USD, which were acquired in full by 19 commercial banks in just two hours. However, with such high demand, pressure on the foreign exchange market is expected to continue, also pushing demand towards the informal market, which led to an increase in the gap between the official and parallel, which is now around 30%.

With Expansion

BPC and Access Bank ‘dispatch’ the dollar and euro with the most expensive rates on the market

Until the date of data collection, the BPC sent one euro at 991.9 Kwanzas, while Access Bank charged, for each dollar, 901.1 kwanzas/dollar.

Jun 21, 2024 - 15:31
BPC and Access Bank ‘dispatch’ the dollar and euro with the most expensive rates on the market
© Photography by: DR
BPC and Access Bank ‘dispatch’ the dollar and euro with the most expensive rates on the market

Savings and Credit banks (BPC) and Access Bank are among the institutions in the banking market that sell euro and dollar banknotes at the highest prices, according to the rates charged by banks until the 18th, according to the price list available on the website .

Until the date of data collection, the BPC sent one euro at 991.9 Kwanzas, while Access Bank charged, for each dollar, 901.1 kwanzas/dollar.

Justifying the rise in the currency is the scarcity of foreign currency, which is pushing companies and individuals towards the informal market, with the exchange rate difference between the official and parallel rates already being in the order of 30%. Commercial banks also apply different exchange rates and Expansão shows the values ​​from last Tuesday.

In the aggregate of all banks, the dollar was being sold for a minimum value of 852.5 kwanzas. Meanwhile, in informal markets, the dollar was sold for 1,090 kwanzas, 237.5 more kwanzas, that is, 28% higher.

As for the euro, until last Tuesday, it was sold for a minimum price of 913 Kwanzas in commercial banks while kinguilas sold for 1,220 Kz, plus 307 kwanzas, that is, 33% higher.

Although costs are higher in informal markets, demand continues to grow as banks continue to have a shortage of currency and very long deadlines for international transfers.

In general, the exchange rates for the US dollar at different commercial banks varied between 852.5 and 901.1 kwanzas. The euro, until May 18, was worth between 913.0 and 991.9 kwanzas for each unit in different banks.

Banco Angolano de Investimentos (BAI), for example, once again reduced the limit value for monthly top-ups of BAI Kamba Visa cards from 500 to 250 dollars, which it justified by pointing to exceptionalities in the evolution of the foreign exchange market.

In turn, the Official Bank of China only had exchange rates for the 14th of the current month available on its website. Standard Chartered Bank Angola, taking into account the nature of its activities, does not have the exchange rates practiced by the bank available on its website and information obtained from the BNA website was used in the report, as indicated by the institution itself.

It is also important to remember that until May this year, the BNA had already sold currency valued at 297 million dollars to commercial banks, in order to alleviate the shortage in the market.

In May, the BNA made an additional 200 million dollars available on the foreign exchange market, amounts that were purchased in full by 17 commercial banks. The measure was taken with the aim of overcoming the lack of foreign currency that has been occurring since last year, as banks now have access to less currency.

To give you an idea, commercial banks now only have access to around 600 million USD per month, equivalent to half the monthly value transacted in 2022. Although imports have fallen by around 40%, the truth is that there is a clear imbalance between demand and supply of foreign exchange, whether in the business sector or for individuals.

In February, the Treasury had already made available 300 million USD, which were acquired in full by 19 commercial banks in just two hours. However, with such high demand, pressure on the foreign exchange market is expected to continue, also pushing demand towards the informal market, which led to an increase in the gap between the official and parallel, which is now around 30%.

With Expansion