Monday, September 30, 2013

Angola holds rate steady as inflation falls, credit rises

    Angola's central bank held its policy rate steady at 9.75 percent, citing a lower inflation rate, an upward trend in credit to the economy and a slight appreciation of the kwanza in the last month.
    The National Bank of Angola (BNA) has cut its rate by 50 basis points this year, most recently by 25 points in August in sync with falling inflation.
    Angola's inflation rate eased to 8.97 percent in August, down from 9.04 percent in July, as inflation continues to remain below 10 percent, a central goal of the BNA.
    The LUIBOR overnight rate was 5.51 percent with maturities of 3 and 12 months at 8.46 percent and 10.03 percent, respectively, "thus confirming the downward trend in interest rates practiced in the interbank money market," the central bank said.
    Credit to the economy maintained its upward trend in August, rising 4.3 percent since the start of the year while the average reference exchange rate for the kwanza against the U.S. dollar was 95.91 at the end of August, an appreciation of 0.04 percent compared to the end of July.


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