Angolan central bank removes 6% of cash from circulation in June

Angola's central bank - Banco Nacional de Angola

Angola's central bank - Banco Nacional de Angola

Angola withdrew more than 6% of the physical cash in circulation in the country in June, the equivalent of 28.8 billion kwanzas (almost €100 million), official figures showed in Wednesday.

This 6.3% cut was similar to that seen in April after a 3% increase in May, the country"s central bank said.

The central bank"s removal of cash is an attempt to increase the value of the domestic currency and reduce exchange rate pressure from the euro and the dollar on the black market.

The annualised inflation rate is now back at 20% and the kwanza has depreciated 36% against the euro already this year.

The euro is currently worth about 293 kwanzas on the official market but around 440 kwanzas on the black market.