Monday, November 25, 2013

Angola cuts rate 50 bps as inflation expected to fall further

    Angola's central bank cut its policy rate by 50 basis points to 9.25 percent in light of the decline in inflation in recent years and the prospect of a continuation of this trend.
    The National Bank of Angola (BNA) has now cut its rate three times this year for a total of 100 basis points.  
   Angola's inflation rate fell to 8.38 percent in October from 8.93 percent the previous month, hitting one of the lowest levels since inflation data has been compiled, the BNA said.
    The BNA's goal for many years was to get inflation below 10 percent and this was achieved in August 2012 and inflation has continued to decline slowly since then.
    Interest rates on loans issued in the kwanza currency also continued to fall in October, the bank said, with the rate fall to 13.79 percent from 14.09 percent.
    The average exchange rate of Angola's kwanza was 97.27 to the U.S. dollar at the end of October, an appreciation of 0.38 percent compared to the end of September.


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