Angola keeps key rate at 19.5% to temper elevated inflation

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Angola keeps key rate at 19.5% to temper elevated inflation

4:55 CAT | 19 Nov 2024

File photo: Lusa

Angola’s central bank kept borrowing costs unchanged for the third consecutive time over concerns about double-digit inflation.

The monetary policy committee kept the key rate at 19.5%, Governor Manuel Tiago Dias said.

“The downward trend of inflation continues, however its level remains high, requiring the maintenance of a prudent monetary policy in order not to compromise the gains achieved and medium-long term objectives.,” Dias said at a press conference in Ndalatando, east of Luanda, the capital.

Annual inflation in the net importer eased to 29.2% in October from 29.9% the previous month, as the kwanza recovered from a 25-year low against the dollar.

The kwanza’s recovery took place after the nation’s central bank sold $250 million in foreign currency to commercial lenders.

Source: Bloomberg