National Bank of Angola Leaves Rates On Hold

The National Bank of Angola decided on October 28th to maintain the benchmark interest rate unchanged at 9.75 percent. The Board recommended once again taking the LUIBOR as the benchmark interest rate on bank loans.

In September, monthly inflation rate slightly eased to 0.5 percent, from 0.55 percent a year ago. Prices of housing equipment and routine maintenance of the house increased the most (up by 1.23) percent. The annual inflation rate also slowed to 8.93 percent, from 8.97 percent in the previous month.

The National Bank of Angola noted that the interbank money market rates are dropping. Last month, LUIBOR Overnight reached 5.52 percent, while LUIBOR 3 months was recorded at 8.29 percent and LUIBOR 12 months at 9.88 percent.

At the end of September, the average exchange rate was 97.39 Kwanzas to the US dollar, up from 95.91 at the end of August.

The Monetary Policy Committee also decided to maintain the standing lending facility rate at 11 percent and the standing liquidity absorption facility rate at 0.75 percent.

National Bank of Angola Leaves Rates On Hold

Joana Taborda |
10/28/2013 5:55:01 PM