National Bank of Angola maintains key interest rate

25 November 2014

The National Bank of Angola decided to keep the base interest rate in Angola (BNA rate) at 9 percent and the interest rates on the standing facilities of liquidity at 9.75 percent and liquidity absorption at 1.75 percent, the Angolan central bank said Monday.

In a statement, the bank also said that the Monetary Policy Committee had decided to adjust, with effect from 1 January 2015, the ratio of required reserves in national currency from 12.5 percent ​​to 15 percent.

The latter decision, which excludes the assets of credit disbursements granted to agriculture and fisheries, is intended to ensure price stability, according to the BNA.

In October, the Luibor rate stood at 4.14 percent in the “overnight” and 7.49 percent and 9.54 percent for the three and 12-month rates, respectively.

In this period, commercial banks purchased foreign currency in the amount of US$3.103 billion in the foreign exchange market, of which US$1.388 billion from the BNA and the rest from its customers. The average exchange rate of the kwanza depreciated by 1.26 percent over September, standing at 99.68 kwanzas per dollar. (macauhub/AO)