Angola Monetary Policy November 2018

Angola: Central Bank holds the key policy rate stable in November

At its last meeting of the year on 30 November, the Monetary Policy Committee (MPC) of the National Bank of Angola (Banco Nacional de Angola, BNA) kept the key policy rate unchanged at 16.50%. The decision marked the second consecutive hold and was in line with the expectations of the large majority of our panel which expected the rate to end this year at July’s level.

Although it remained elevated, inflation continued to trend downwards in the run-up to the Bank’s meeting, thus driving the Bank’s decision to stay put in November. Inflation in the province of Luanda fell to a near three-year low of 17.4% in October, from 19.2% in September. Notably, September’s print marked the first uptick in inflation in the year and likely influenced the Bank’s decision to hold off its policy easing until next year. The Bank’s hold also reflected a shrinking monetary base as the money supply in national currency continued to contract in annual terms in October.

The next Monetary Policy Committee meeting is scheduled for 25 January 2019.

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