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Angolan Central Bank Leaves Benchmark Rate Unchanged

Nov. 26 (Bloomberg) -- The central bank of Angola, Africa’s biggest oil producer after Nigeria, kept its benchmark interest rate unchanged for a 10th consecutive month.

The key lending rate was left at 10.25 percent, the Luanda-based Banco Nacional de Angola said in an e-mailed statement today. The bank has cut the rate once since introducing it in October 2011, lowering it by a quarter of a percentage point in January.

Inflation rose to 9.8 percent in October from 9.7 percent a month earlier, the statistics office said on Nov. 13. Inflation fell from 11.5 percent in January as the southwest African country targets a rate of less than 10 percent this year.

The committee “analyzed the evolution of inflation, gross domestic product, fiscal and monetary accounts, as well as information on recent international economic and regional development,” the bank said in the statement.

The Luanda interbank overnight rate, or Luibor, was at 5.56 percent and three-month Luibor at 8.26 percent compared with 6.25 percent and 8.52 percent previously, the bank said on its website.

The MPC was created to help improve financial management after the country secured a loan from the International Monetary Fund in 2009.

To contact the reporter on this story: Candido Mendes in Luanda at cmendes6@bloomberg.net

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

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