Friday, December 29, 2017

Angola holds rate on persistent inflationary pressures

      Angola's central bank left its benchmark BNA rate at 18.0 percent, saying inflationary pressures persist despite the decline observed in November.
       The National Bank of Angola (BNA) raised its rate by 200 basis points in November to help reverse the rise in inflation, the first rate hike under its new governor, Jose Massano, who took over in late October.
       Angola's national inflation rate eased to 24.7 percent in November from 26.25 percent in October while the BNA said consumer prices in the capital province of Luanda rose by an annual rate of 27.76 percent in November, down from 28.96 percent in October and and 41.15 percent in November 2016.
       BNA said the decline in inflation was due to an increase in the supply of goods, such as foods and imported goods, while a contraction in money supply also contributed to the decline.
        Credit to the economy from banks rose by 0.45 percent in the same period while credit to the central government rose 1.04 percent as net international reserves fell by 6.1 percent to US$14.25 billion, BNA said.
        The average exchange rate of Angola's kwanza to the U.S. dollar was steady at 165.92


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