The Banco Nacional de Angola (BNA) cut its new benchmark monetary policy interest rate by 25 basis points to 10.25% from 10.50% previously. The BNA said: "Keeping in mind the analysis of macroeconomic indicators, which includes recent developments and prospects of the Angolan economy and internationally, the Monetary Policy Committee decided to reduce the BNA Basic Interest Rate - Rate BNA, to 10.25%." The next meeting of the Monetary Policy Committee will take place on the 27th of February 2012.
The BNA only introduced the interest rate in October at 10.50%, and this move marks the first adjustment to the rate. Previous monetary policy moves from the BNA include a 500 basis point cut to the required reserve ratio (from 25% to 20%), and a 500 basis point cut to the rediscount rate (also from 25% down to 20%) earlier this year. Angola reported annual inflation of 11.9% in September, compared to 13.7% in August, 14.1% in July. According to IMF data Angola's economy grew 7.06% in 2010 and recorded annual average inflation of 15.04% and full year inflation of 13% last year.
The World Bank is forecasting the Angolan economy to expand about 8% in 2012 year. Angola reported exports of US$52 billion in 2010, driven by oil earnings as Angola is Africa's second largest oil producer. Angola recently had its sovereign credit rating upgraded to BB- by Standard & Poor's. Angola's currency, the Angolan Kwanza (AOA), last traded around 95 against the US dollar.
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