Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Angola Leaves Key Interest Rate Unchanged as Inflation Slows

Nov. 29 (Bloomberg) -- Angola’s central bank left its benchmark interest rate unchanged at 10.5 percent after inflation slowed.

The inflation rate fell to 11.4 percent in October from 11.9 percent in the previous month, the statistics office said on Nov. 14. Angola is targeting inflation of below 12 percent by the end of the year.

‘Inflation has been falling,’’ the Luanda-based Banco Nacional de Angola said in an e-mailed statement yesterday. “We can attain the planned target.”

The Monetary Policy Committee was formed in August amid the country’s attempts to improve financial management after it secured a loan from the International Monetary Fund in 2009. Commercial banks previously used domestic-bond yields and other financial instruments to determine lending costs for clients. The benchmark rate was set at 10.5 percent in the committee’s first decision announced Oct. 28.

The central bank cut its overnight Luanda interbank offered rate, or Luibor, to 6.43 percent on Nov. 25 from 6.5 percent. The rate for 30-day borrowings was increased to 8.1 percent from 8.08 percent, the Luanda-based bank said on its website without giving reasons.

The kwanza has weakened 2.7 percent against the dollar this year and traded at 95.1650 as of 8:22 a.m. Luanda time. The central bank sells dollars in three foreign-currency auctions a week.

To contact the reporters on this story: Candido Mendes in Luanda at cmendes6@bloomberg.net; Colin McClelland in Toronto at cmcclelland1@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.