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Angola Interest Rate

Angola Interest Rate

BNA Basic Reference Rate in Angola

The BNA Basic Reference Rate closed at 19.5% in 2022, lower than the 20.0% of 2021, but higher than the 9.75% a decade earlier. In contrast, the average policy rate in Sub-Saharan Africa was 11.8% at the end of 2022. For more interest rate information, visit our dedicated page.

Angola Interest Rate Chart

Note: This chart displays Policy Interest Rate (%) for Angola from 2014 to 2023.
Source: National Bank of Angola.

Angola Interest Rate Data

2018 2019 2020 2021 2022
BNA Basic Reference Rate (%, eop) 16.50 15.50 15.50 20.00 19.50

Central Bank holds in January

On 19 January, the Monetary Policy Committee of the National Bank of Angola (BNA) held the key interest rate at 18.00% after a 100 basis point hike in November. Moreover, it left the standing liquidity absorption facility rate at 17.50% and the standing liquidity facility rate at 18.50%. However, the BNA raised its required reserve ratio to 20.0%.

At the tail end of 2023, price pressures intensified markedly: Inflation rose to a 17-month high of 20.0% in December, above the Bank’s revised end-2023 inflation forecast of 19.0%. The removal of fuel subsidies in June and a weaker kwanza in year-on-year terms—partly due to reduced Treasury and BNA interventions in the FX market in Q2—drove the inflation upturn. Against this backdrop, the Bank decided to maintain its currently-restrictive interest rates, but raised its required reserve ratio to mitigate price pressures by reducing liquidity in the economy.

In its communiqué, the BNA did not include explicit forward guidance. However, given the current inflationary environment, a majority of our panel is forecasting further hikes this year. The next monetary policy meeting is scheduled for 14–15 March 2024.

Analysts at the EIU commented on their outlook for the BNA’s key policy rate: “Angola's real short-term interest rate (a gauge of monetary policy tightness) is negative, which makes further rate rises necessary to contain inflation. Accordingly, we forecast that the policy rate will be raised by 200 basis points in 2024, to 20% at year-end.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Angolan interest rate projections for the next ten years from a panel of 7 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable interest rate forecast available for Angolan interest rate.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Angolan interest rate projections.

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