National Bank of Angola wants to reduce price rises to a maximum of 1.0% per month

5 April 2017

The National Bank of Angola (BNA) is working to reduce the inflation rate to a maximum of 1.0% per month, thus allowing a reduction of prices of goods and services, the governor of the central bank, Valter Filipe said on Monday.


The governor of the BNA, who was speaking about the country’s financial and foreign exchange situation on Angolan Public Television (TPA), said it is necessary to reduce the inflation rate in the country, due to the economic crisis caused by the fall in oil prices on the international market, to create better living conditions for families.


Filipe, who noted the approval of two documents, namely the Restrictive Policy Plan and adjusting the standards of the financial system to international best practices, said inflation currently stands 2.0% per month compared to 4.0% at the end of last year as a result of the measures adopted to reduce the money supply.


The governor cited by Angolan news agency Angop said that Angola couldn’t continue to have an economic and financial system in which the currencies available to the commercial banks and companies are derived from the country’s foreign reserves.


The governor said the normal situation in a market economy is for banks and companies to create the flow of foreign currency, with the central bank having a regulatory role, intervening only in exceptional circumstances. (macauhub)