National Bank of Angola Keeps Base Rate on Hold in May

During the meeting held on May 28th, The National Bank of Angola left its benchmark interest rate unchanged at 10 percent for the fourth consecutive month.
Joana Taborda | 5/29/2013 12:27:16 PM
The bank lowered the rate by 0.25 percentage point in January, the second cut since it was introduced in October 2011.

In setting up the right monetary policy, the Monetary Committee took into consideration economic situation, inflation rate and fiscal and monetary accounts. 

In April, the inflation rate eased to 0.6 percent mom, down from 0.66 percent in March. Transport costs recorded the highest increase, up by 0.97 percent while food prices rose 0.7 percent. The annual inflation rate slowed to 9 percent, from 9.11 in the previous month.

At the end of April, the average exchange rate was 96.045 Kwanzas to the US dollar, keeping up the exchange rate stability.

In April, loans to the private sector expanded by 0.18 percent. In the same period, the volume of foreign exchange sold to the market by the bank amounted to USD 1980 million, bringing the volume for the first four months of the year to USD 6232 million.

National Bank of Angola Keeps Base Rate on Hold in May