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Angola economy in crisis as oil price sinks currency

The drop in the price of crude oil has not only pushed Angola's currency to record lows, it has plunged the economy into a crisisSitting under an umbrella in the heat of Angola’s capital Luanda, a vendor holds a makeshift currency exchange board on which is scribbled “335 kwanzas: $1” — more than double the official rate of 155 kwanzas. The drop in the price of crude oil to its lowest level in more than a decade has not only pushed Angola’s currency to record lows, it has plunged the economy of Africa’s second largest crude producer into a crisis. Despite the country’s oil and diamond resources, Angola suffers endemic poverty, with more than a third of the population of around 24 million living below the poverty line, according to the United Nations.

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