National Bank of Angola keeps benchmark interest rate at 16%

30 December 2016

The National Bank of Angola decided to keep key interest rates unchanged including the BNA rate that will end the year at 16%, according to the decisions of the last meeting of 2016 of the Monetary Policy Committee.

The Committee also kept the marginal lending facility unchanged at 20.00% and the seven-day liquidity absorption facility at 7.25%, according to the statement released by the central bank on Thursday in Luanda.

The statement from the meeting held on 22 December states that the members of the Committee noted an acceleration of inflation in November, which is explained by a one off increase in the price of telecommunications.

The statement said monthly inflation in November was 2.13%, against 1.79% the previous month, and inflation in the last 12 months reached 41.15%.

The BNA also reported that in November the one-day Luibor rate increased from 14.26% to 22.65% and for maturities of three and twelve months stood at 16.04% and 18.15%.

Finally, the Monetary Policy Committee of the National Bank of Angola called on economic agents to contribute to price stability in the economy. (macauhub)