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BNA justifies the stagnation of the kwanza with depreciation in 2023
The governor of the National Bank of Angola (BNA), Manuel Tiago Dias, justified the stagnation of the kwanza in recent months with the strong depreciation that the Angolan currency registered last year, especially in May and June.
© Lusa
Economia Angola
The answer has to do with "the depreciation that the kwanza recorded last year, especially in the months of May and June. In the overall computation of 2023, the kwanza recorded a depreciation of 39%, which ends up being quite significant", the governor told Lusa, on the sidelines of the 2024 Spring Meetings of the International Monetary Fund (IMF) and the World Bank, which took place this week in Washington.
"We think that market operators, taking into account what happened last year and the expectations they have about what could happen in 2024, understand that transactions should be carried out at the current level", he added.
"In any case, contrary to what many observers think, the exchange rate has recorded slight oscillations, both up and down, but not in the magnitude that we recorded last year", he also noted.
The governor stressed that the determination of the exchange rate does not have any intervention from the Central Bank, depending on the balance that may exist between supply and demand.
Regarding projections for this year, the BNA maintains the forecast of an inflation rate of around 19%, taking into account the evolution of prices of 20% last year, as well as the prevailing conditions, especially in the month of March, "when the BNA Monetary Policy Committee met and looked at the various indicators", ending up maintaining, "for now", the inflation outlook of 19%.
Manuel Tiago Dias said that in that meeting of the Monetary Policy Committee, a change was made to the main interest rates, setting the liquidity provision facility rate at 19.5%, the liquidity absorption facility rate at 17.5% and the target rate (known as the BNA rate) at 18.5%.
The BNA Monetary Policy Committee will meet again in May, when it will review the various indicators, both internal and external.
Regarding the IMF and World Bank Spring Meetings, the governor told Lusa that the expectations of Angolan participation revolved around the "main mission, which has to do with price stability in the economy".
The "stability of the Angolan financial system" was also the focus of the presence of the Angolan delegation in Washington, where the Minister of Finance Vera Daves was also present.
The Angolan officials had several meetings "both with international partners and with bilateral partners", and focused on the exchange of experiences and information, the governor of the National Bank of Angola told Lusa in an interview.
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