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Bank of Angola interest rate remains untouched - FurtherAfrica
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Bank of Angola interest rate remains untouched

The Monetary Policy Committee (CPM) of the Angolan National Reserve Bank (BNA) decided to keep the interest rate at 15.50% and the permanent liquidity absorption facility at 0%.

The BNA’s Monetary Policy Committee (CPM) has reduced its basic interest rate twice this year to 15.50% , a total cut of 1 percent since December 2018. The first cut occurred in January and was 0.75 percentage from 16.5% to 15.75%, while on the second reduction that happened in May, the percentage was 0.75 moving from 16.5% to 15.75%.

At the Meeting held on 30 September and 1 October, the CPM decided to keep unchanged the coefficients of Mandatory Reserves in domestic currency at 17% and 15% in foreign currency. The CMP justifies that these decisions were supported by the fact that the Monetary Base in national currency presents a contraction trend with a perspective of maintaining this course until the end of the year.

ANGOP has learnt that last August the National Consumer Price Index (IPCN) showed a monthly variation of 1.44%, below the previous month (1.52%). The largest change in prices in August was observed in Class 06 ( health, 2.39%), mainly explained by the increase in prices of medical services, especially the cost of radiography (4.20%) and clinical analysis (3.94%).

The monthly change in the Wholesale Price Index (IPG) stood at 1.49%, slightly above the one observed in the previous month (1.47%).

In September, the National Currency Monetary Base contracted by Kz 180.07 billion (-11.68%) compared to August 2019.

Source: Angop

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