Monday, April 11, 2011

Angola Central Bank Cuts Rate 500bps to 20.00%

The Banco Naconal de Angola reduced its benchmark rediscount rate by 500 basis points to 20.00% from 25.00% previously. The Bank did not release an accompanying statement about the move. According to IMF data Angola's economy grew 7.06% in 2010 and recorded annual average inflation of 15.04% and full year inflation of 13% last year. Angola reported exports of US$52 billion in 2010, driven by oil earnings; with Angola being Africa's second largest oil producer.


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