Angola’s rate of inflation expected to fall to 10 pct this year

10 September 2012

Angola’s rate of inflation is this tear expected to fall to 10 percent as compared to 11.38 percent in 2011 due to adopting a monetary policy based on price stability, the governor of the National Bank of Angola (BNA) said Friday in Luanda.

“The results achieved so far show that we are on the right path,” said José de Lima Massano adding that the new monetary framework introduced by the central bank last year, including the base interest rate, had helped to achieve the government’s macro-economic objectives.

Cited by financial news agency Reuters, the governor said that during a conference held in the capital that the rate of inflation stood at 10.02 percent in July, following a 4.5 percent rise in prices accumulated since the beginning of the year.

Replying to a question about whether it would be possible to lower the rate of inflation to a single digit, the governor said that there were a few months to go before the end of the year and noted that in November and December price pressures were often felt.

Since taking on the governorship of the BNA in October 2010, Massano has been praised by the International Monetary Fund (IMF) an by international financial credit rating agencies for implementing policies that have reduced inflation, keeping national currency stable and increasing foreign reserves. (macauhub)