Monday, February 25, 2013

Angola keeps base rate steady as inflation trends lower

    Angola's central bank kept its base rate, the BNA rate, steady at 10.0 percent, saying inflation is continuing its declining trend while credit extended to the economy fell by 2.63 percent in January, reversing the trend seen in previous months.
    The National Bank of Angola (BNA), which cut it rate by 25 basis points in January following a 25  point cut in 2012, said the inflation rate eased to 8.9 percent in January, down from December's 9.02 percent, setting a new low in the country's recent history.
    The central bank worked for many years to push inflation down into single digits and in August last year inflation finally fell below 10 percent and it has since stayed there.
    The BNA said the average exchange reference rate of the kwanza to the U.S. dollar was 95.94 at the end of January, compared to 95.826 at the end of December, "maintaining exchange rate stability in the primary market."



Post a Comment