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National Bank of Angola Raises BNA Rate by 1% to 12.00% in January
Luanda, Angola, Capital Markets in Africa — National Bank of Angola (BNA, Banco Nacional de Angola) Monetary Policy Committee (CPM) raised the Basis Interest Rate (BNA rate) by 100 basis points to 12.00%, to curb inflation pressure and to support the weakening Angolan kwanza amid declining oil revenues.
Furthermore, the CPM increase the Marginal Lending Rate by 100 basis points from 13.00% to 14.00% and retained the seven-day maturity Liquidity Absorbing Rate at 1.75 percent.
The BNA also said that in December the Luibor interest rate (Luanda Interbank Offered Rate) stood at 11.31 percent in the overnight and 11.88 percent and 12.84 percent for maturities of 3 and 12 months, respectively .
In the press release, the CPM said the stock of credit in the economy in December had expanded by 17.50% in cumulative terms since the beginning of the year. Also, the primary exchange market, the benchmark average exchange rate in December was stable against the previous month, at 135.315 kwanzas per US dollar.
This was the second consecutive meeting in which the BNA raised the benchmark interest rates. The next regular meeting of the Monetary Policy Committee will take place on February 29, 2016.