Tuesday, March 26, 2013

Angola holds rate, inflation and markets steady

   Angola's central bank held its main policy rate, the BNA rate, steady at 10.0 percent, taking note of the inflation rate and stability in financial markets following the introduction of a new family of kwanza banknotes and coins.
    The National Bank of Angola (BNA), which cut its rate by 25 basis points in January after cutting by 25 points in 2012, said inflation rose by a monthly 0.82 percent in February, up from 0.61 percent in January.
    On an annual basis, inflation was largely steady at 9.04 percent in February from January's 8.9 percent, which was a new low in Angola's recent history.
    The BNA has for many years strived for an inflation rate below 10 percent.
    Credit extended to the economy rose by an annual 16.42 percent in February, continuing the recent growth and overnight LUIBOR was 6.2 percent, the BNA said.

    The average exchange rate of the kwanza against the U.S. dollar was 95.962 at the end of February from 95.94 end of January, maintaining its stability.
    The International Monetary Fund (IMF) forecast in October that Angola's economy would grow by 5.5 percent this year and 6.6 percent last year.



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