– Angola’s Currency Collapses To Record Low As “Hyperinflation Monster” Looms Over Africa:
Just two weeks ago we warned of the looming “hyperinflation monster” in Africa with the continent appearing to be running out of dollars as some of Africa’s largest economies, including Nigeria, Angola, Ethiopia and Mozambique, are restricting access to the greenback to protect dwindling reserves. Specifically we warned of Angola’s already-soaring inflation hampering its ability to ‘adjust’ its currency towards its black market ‘reality’. But that did not stop the central bank devaluing Kwanza by 15% over the weekend – the most since 2001 – to record lows as crude prices crush their economy and the flow of USDs.