Since the crash in crude oil prices almost four years ago, oil currencies in producing countries have been negatively affected, especially that of Angola.
After a series of devaluations that started in January, the Angolan kwanza has lost about 55% of its value measured up against the dollar since June 2014. This was around the time when Brent crude began dropping from a peak price of $115 per barrel.
Photo Credit: Bloomberg
Excluding the Venezualan bolivar in the crisis-ridden country, the kwanza has overtaken the naira as the worst-performing major oil currency in the period since the crude oil price crash.
The Russian ruble is a close third, just behind Nigeria.
When the Russian central bank gave up trying to defend the ruble, it floated the ruble, which recovered in 2016 and 2017 as oil prices picked up. But with the ongoing sanctions against Russian oligarchs and listed companies, started last week by the U.S., the nation’s assets took a hit. Currently the Ruble is about 9% against the dollar, which extends loss to 47% its lowest mark since 2014.
