Kwanza is Africa’s worst performing currency in 2023

The republic of Angola’s Kwanza (KZ) is dubbed Africa’s worst currency in 2023.

The southern African nation’s currency took a 21% plunge last month with analysts flagging low oil prices and an increase in debt payments pushing the central bank to stop propping it up.

Home to over 34.5 million people, the kwanza was trading at 637.30 per U.S. dollar on Monday, having dropped from 506.00 on May 15.

Written by Manny King John

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