Angolan Central Bank Sees Commercial Rates as High, Angop Says

Interest rates charged by Angolan commercial banks on loans to companies and individuals are too high, Agencia Angola Press reported, citing central bank Governor Jose de Lima Massano.

While rates have been falling, this isn’t happening as quickly as it should, the Luanda-based state-owned news agency cited Massano as saying. Banks in Angola charge about 17 percent interest on business loans to finance investments, while the rates for consumers are higher, Massano said, according to the agency.

The central bank of Angola, also known as BNA, set a new benchmark interest rate at 10.5 percent on Oct. 28 to contain inflation.

To contact the reporter on this story: Lula Ahrens at lahrens1@bloomberg.net

To contact the editor responsible for this story: Gordon Bell at gbell16@bloomberg.net

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