Angola Interest Rate

Central Bank of Angola decreases rates in July

125 basis point cut: At its meeting on 14 July, the Central Bank of Angola (BNA) decided to reduce the BNA Rate by 125 basis points from 17.00% to 15.75%, marking a second consecutive cut since March’s pause.

Disinflationary trend provides room for large cut: The Central Bank justified July’s sizeable cut by citing easing inflation and an improving economic outlook. Annual inflation slowed to 10.1% in June from 10.9% in May, and Governor Manuel Tiago Dias said price pressures should continue to ease despite uncertainty stemming from the Middle East conflict. Meanwhile, economic growth accelerated modestly in Q1.

Easing set to continue this year: There was no forward guidance provided by the Central Bank regarding future interest rate changes. Still, the improving inflation outlook and resilient non-oil economy suggest there may be room for further gradual easing, although lower oil prices, declining international reserves and strong monetary growth call for caution. Our panelists expect rates to end 2026 below current levels, reaching their lowest year-end level in 11 years.

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