Angola Monetary Policy September 2023

Angola: Central Bank holds rates steady in September

On 15 September, the Monetary Policy Committee of the National Bank of Angola (BNA) held the key interest rate at 17.00%. It also left the standing liquidity absorption facility rate at 13.50% and the standing liquidity facility rate at 17.50%.

The Bank decided to hold rates due to the recent uptrend in price pressures: Inflation rose for the fourth consecutive month in August, when it reached its highest level since December 2022. The BNA attributed the trend to seasonal factors and an insufficient supply of goods and services. The Bank also mentioned soft domestic demand and the stability of the kwanza as additional reasons to keep rates unchanged. That said, in late August, the Bank made a USD 100 million intervention in the FX market to halt the kwanza’s slide.

The BNA’s forward guidance remained muted. Nonetheless, our panelists expect the BNA to hike by year-end.

The next monetary policy meeting is scheduled for 20–21 November

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