Friday, December 28, 2012

Angola keeps rate steady, inflation and FX rates stable

    Angola's central bank kept its base rate (BNA) steady at 10.25 percent against a backdrop of stable inflation and kwanza exchange rates.
    The National Bank of Angola said credit to the economy returned to growth in November, continuing the trend from previous months. Loans in local currency represent almost 60 percent of total credit to the economy.
     Angola's inflation rate was largely steady in November, with prices up 0.93 percent from the previous month for an annual rate of  9.83 percent compared with October's 9.76 percent rate.
    The prices for Housing, Water and Electricity, Gas and Fuel; Transportation; Food and non-alcoholic beverages recording the largest price changes, the central bank said.

    Angola's central bank last cut its rates in January and the decline in inflation to a single-digit level has been its aim for many years.
  The average exchange rate of the kwanza to the U.S. dollar was at 95.712 at the end of November, "reflecting the stability observed since the beginning of the year," the central bank said, repeating its statement from last month.

    Interest rates on government bonds also eased during November, the bank said, with the LUIBOR overnight rate at 6.25 percent and 3 and 12 month rates at 8.53 percent and 10.56 percent, respectively.


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