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Mon, 27 May 2019 17:11 - Updated Mon, 27 May 2019 17:11

National Bank reduces basic interest rate to 15.50%

Luanda -Angola’s National Bank (BNA)’s basic interest rate fell from 15.75% to 15.50, according to the financial institution’s Monetary Policy Committee (CPM).

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National Bank of Angola

Photo: Francisco Miudo

The move followed the downward trend of annual inflation and the evolution of the Monetary Base in national currency that stood at 0.54% in the last twelve months.

In its Meeting, held on Friday, CPM decided to maintain unchanged the interest rate of Liquidity Absorption Permanent Facility at 0%.

The source put the coefficients of Mandatory Reserves in local currency at 17% and 15% in foreign currency.

The National Consumer Price Index (IPCN) showed a monthly variation of 1.05% in April, lower than in the previous month (1.09%) and a similar change of 17.36%, also  lower than in the previous period (17.56%).

In turn, the monthly variation of the Wholesale Price Index (IPG) stood at 1.39%, higher than the previous month (1.35%).

According to the CPM statement, BNA sold through commercial banks a total of USD 1.56 billion between March and April, against USD 1.43 billion in the first two months of 2019.

The next ordinary meeting of the Monetary Policy Committee of the National Bank of Angola is set for July 26, 2019.

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