Angola increases its basic interest rate to 18% to combat inflation

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Inflation
Inflation

Angola’s central bank announced on Tuesday an increase in the basic interest rate to 18 percent from 17 percent in response to inflation.

According to a statement by the National Bank of Angola, the country also raised the mandatory reserve ratio in national currency to 18 percent, increased the interest rate of the Permanent Liquidity Facility to 18.5 percent, and adjusted the interest rate of the Permanent Liquidity Absorption Facility to 17.5 percent.

The decision to raise interest rates is justified by the growing trajectory of inflation and aligns with the objective of achieving a single-digit inflation rate in the medium term, the statement said.

Notably, the monthly inflation rate in Angola for October was 2.15 percent, and the stock of international reserves settled at 14.24 billion U.S. dollars at the end of October, corresponding to 7.58 months of imports of goods and services.

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