Flash Note nº 12

Dear subscriber [name],

Here is this last week’s Angola Weekly.

Highlights:

At the meeting of the Monetary Policy Committee (MPC), held on September 15th, the Central Bank of Angola (BNA) decided to keep key interest rates unchanged.
Annual inflation accelerated to 13.53%, +1.4 percentage points (pp) compared to July, signaling the fourth consecutive month of increases and reaching levels close to the December 2022 highs, 13.86%.
We believe that the BNA changed the course of monetary policy from the end of May when the Kwanza began to fall abruptly, directly affecting liquidity due to the amounts and rates offered in repo instruments but the trend appears to have completely reversed in recent weeks.
The reductions in the trade balance in the last six months, consistent with the pressure on the foreign exchange market, are indicators that the BNA continues to analyze the type and measures it intends to use in order to maintain exchange rate stability.

Best regards,
BFA

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