National Bank of Angola keeps key interest rate at 16%

The Monetary Policy Committee of the National Bank of Angola (BNA) decided to keep key interest rates in the country, such as the BNA rate, which remained at 16%, the Angolan central bank said on Wednesday in Luanda.

The marginal lending facility interest rate was kept at 20.00% and the facility seven-day liquidity absorption rate at 7.25%, according to the decisions from the 28 November meeting of that committee.

On analysing the economic situation in Angola, the Monetary Policy Committee noted there had been a slowdown in inflation in October, which happened for the third consecutive month.

Even taking into account this slowdown, the inflation rate measured by the average of the indices of the last 12 months over the preceding 12 months in October reached 40.04%.

In October, the commercial banks bought foreign exchange worth US$1.268 billion, of which US$1.092 billion from the BNA and the remainder from its customers, down by 9.24% on the previous month.

This month, the average exchange rate of the kwanza against the dollar stood at 165.90 kwanzas, remaining relatively stable.

Source: macauhub