S.African bank to halt dollar supplies to Angola - CNBC Africa

S.African bank to halt dollar supplies to Angola

Southern Africa

by Reuters 0

S.African bank to halt dollar supplies to Angola. PHOTO: Wikipedia

South Africa's Rand Merchant Bank (RMB) said on Thursday it will stop supplying Angolan banks with U.S. dollars from Nov. 30, a move that could pile pressure on the oil exporter's ailing kwanza currency.

The decision to terminate dollar sales comes after a U.S. bank said it would discontinue supplying RMB with dollars for onward distribution to Angola, the division of FirstRand Bank Ltd said in a statement.

It did not name the U.S. bank or say why it no longer wanted to trade dollars with Angola

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