Angola’s Terminator Gets Serious on Reforms as Kwanza Falls
- Nation allows currency to drop almost 20% against dollar
- Plans Eurobond sale in 2018, paying $5 billion in arrears
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Angola is on a roll. In just three hours on Tuesday, it updated plans for a Eurobond sale, said it will pay back arrears of $5 billion and allowed its currency to plummet, again.
“The signal is quite strong from the Angolans that they’re willing to do the right thing,” said Samantha Singh, a Johannesburg-based strategist at Absa Bank Ltd. “Not many people expected the central bank to be as aggressive as it has been.”