No forced conversion of forex into Angolan kwanza: banks

Angola's central bank has not ordered financial institutions to convert residents' foreign currency deposits into the local currency, the kwanza, the country's banking association said on Monday. In a statement, the Angolan Association of Banks (ABANC) said the national banking system continued to receive deposits in foreign currency, which could be traded in line with regulations set out in a 2009 notice.
"The Bank of Angola has not issued any instruction to change rules and procedures to be adopted by banks," ABANC said in a brief statement issued in Portuguese. The kwanza has lost nearly 30 percent against the dollar this year as a steep fall in oil prices hit Angola's economy, the third largest in sub-Saharan Africa. Last week, the central bank devalued the kwanza and tightened liquidity after the currency of Africa's second largest oil exporter weakened 6 percent.