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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 resumes tightening cycle in March

At its 14–15 March meeting, the Monetary Policy Committee of the National Bank of Angola (BNA) resumed its monetary policy tightening cycle, raising the key interest rate by 100 basis points to 19.00%. The hike, which followed January’s hold, drove the key interest rate to its highest value in over one year. Meanwhile, the Bank raised the standing liquidity absorption facility rate to 18.50% and the standing liquidity facility rate to 19.50%, while keeping its required reserve ratio at 20.0%.

Price pressures intensified markedly in February, when inflation rose to a 22-month high of 24.1% on accelerating food prices amid weak national supply and falling imports. Moreover, the removal of petrol subsidies in June 2023 has contributed to an upturn in inflation since then. Against this backdrop, and the government’s commitment to phase out the remaining fuel subsidies, the Bank decided to tighten financial conditions further.

In its communiqué, the BNA did not include explicit forward guidance. Over half of our panel expects rate cuts before end-2024, while the rest see room for additional hikes. The next monetary policy meeting is scheduled for 16–17 May 2024.

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 9 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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