Bank of Angola reduces permanent absorption facility rate to 1 pct

30 April 2013

The National Bank of Angola (BNA) has decided to lower the permanent liquidity and absorption facility rate by a quarter of a percentage point to 1 percent and keep the base interest rate unchanged at 10 percent and the permanent loan liquidity facility at 11.25 percent, the central bank said in a statement issued Monday.

According to the statement issued in Luanda, the decisions were made by the bank’s Monetary Policy Committee after an analysis of macroeconomic indicators, including recent developments in the outlook for the Angolan economy, the SADC region and of the international scene.

The central bank also said that in March lending to the economy had risen by 1.39 percent to a total of 2.6 trillion kwanzas, and interest rates on loans from 181 days to 1 year in national currency fell to 12.43 percent for individuals and 14.52 percent for the business segment.

The average rate of exchange for the kwanza against the US dollar was 95.98 at the end of March, reflecting the stability seen since the beginning of the year. Foreign currency sold by the central bank to the market in March totalled US$1.445 billion bringing the total for the quarter to US$4.252 billion. (macauhub)

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