Kwanza Has Reached Bottom, Modest Appreciation Ahead

After a series of devaluations over the course of 2009 and early 2010, the Angolan kwanza seems to have found a bottom around the AOA93.00/US$ mark. Given an improved external environment and the realignment of the peg to a more realistic level, we believe the kwanza will strengthen modestly over the remainder of 2010.

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