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Angolan central bank raises its prime rate and liquidity supply rate
The National Bank of Angola (BNA) announced today that it will increase the interest rate from 19% to 19.5% and the interest rate of the Permanent Liquidity Provision Facility from 19.5% to 20.5% in an attempt to curb inflation.
© Lusa
Economia BNA
The Monetary Policy Committee (CPM) of the Angolan central bank also decided to keep the interest rate of the Permanent Liquidity Absorption Facility at 18.5% and to increase the coefficient of mandatory reserves in national currency from 20% to 21%.
This increase in the BNA's main rates occurs at a time when the country is experiencing uncontrolled inflation, which reached 28.02% in April and a year-on-year variation of almost 40% in Luanda.
According to the governor of the BNA, Manuel Tiago Dias, the CPM's decisions were "motivated by the persistence of inflationary pressures" and aim to contribute to the "control of liquidity in circulation".
Speaking today at the end of the CPM's regular meeting in Luanda, he reaffirmed the data from the Angolan INE for the month of April, stating that the increase in food prices "results fundamentally from the insufficient supply of widely consumed products in the economy, taking into account the reduction in imports, which has not been compensated to the same extent by the increase in national production".
This week, the Angolan economist Wilson Chimoco defended, in statements to Lusa, an intervention by the central bank to stop the "uncontrolled prices" in the country.
The stock of credit to the economy in national currency reached 4.72 billion kwanzas (51 billion euros) in April, representing an increase of 150 billion kwanzas (16 billion euros) in accumulated terms in 2024.
The accumulated surplus balance of the goods account in the months of March and April 2024 was set at 4.3 billion dollars (3.19 billion euros), above the 3.3 billion dollars (3.0 billion euros) recorded in the previous two months.
"In accumulated terms, the balance of the goods account reached 7.6 billion dollars, above the 6.4 billion dollars of the homologous period, corresponding to an increase of 19.04%", he stressed.
The stock of international reserves was set at 14.5 billion dollars (13.3 billion euros) in April, which corresponds to a degree of coverage of 7.43 months of imports of goods and services.
The next CPM meeting will take place on July 18 and 19 in the province of Cuando-Cubango.
Read Also: Banco central angolano decide política monetária para controlar inflação (Portuguese version)
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