Angola Monetary Policy January 2018

Angola: Angolan Central Bank stays on hold in January

At its 31 January monetary policy meeting, the National Bank of Angola (Banco Nacional de Angola, BNA) left the main interest rate unchanged at 18.00%.

The Bank’s decision to stay put came against a backdrop of high inflation and a currency devaluation on 9 January that will stoke price pressures in upcoming months. The main interest rate was increased for the first time in over a year in November after the previous rate of 16.00% failed to stem inflation. Inflation moderated throughout 2017, reaching 26.3% in December (December 2016: 41.9%), but average inflation in 2017 was broadly unchanged compared to the previous year (2017: 31.7%; 2016: 32.4%). The Central Bank hopes that the current rate will help moderate price pressures without hindering the ongoing economic recovery.

The press release was devoid of any forward guidance, but analysts expect monetary conditions to remain tight in the foreseeable future. Any future rate decision by the Bank will largely depend on upcoming data from the real and monetary sectors.

The next monetary policy meeting is scheduled for 28 February.

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