Angola Interest Rate

Central Bank of Angola reduces rates in May

5-point cut brings cumulative easing to 250 basis points: At its meeting on 14 May, the National Bank of Angola (BNA) reduced the BNA basic reference rate from 17.50% to 17.00%, following March’s pause. This brought the cumulative reduction since the easing cycle started in September 2025 to 250 basis points.

Benign inflation and subdued expectations drive decision: The key factor driving the Central Bank's decision was inflation hitting a 34-month low of 11.6% in April. While the banking system's liquidity grew significantly, inflation expectations remained moderate.

Further rate cuts on the horizon: The BNA provided no future guidance regarding interest rate decisions ahead, but our panelists expect further rate cuts to follow by end-2026. Inflation will likely continue to fall from 2023’s peak in 2026, providing scope for the Bank to reduce rates further. That said, risks are skewed; rising fuel, fertilizer and food-import costs amid the Iran war may require pausing the easing cycle or hiking rates to contain inflation.

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