{"id":96408,"date":"2016-10-05T09:14:40","date_gmt":"2016-10-05T13:14:40","guid":{"rendered":"http:\/\/countingpips.com\/?p=96408"},"modified":"2016-10-05T09:14:40","modified_gmt":"2016-10-05T13:14:40","slug":"angola-holds-bna-rate-as-august-inflation-slowly-slightly","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/10\/angola-holds-bna-rate-as-august-inflation-slowly-slightly\/","title":{"rendered":"Angola holds BNA rate as August inflation slowly slightly"},"content":{"rendered":"
October 5, 2016<\/div>
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By CentralBankNews.info<\/u><\/a>
\n    Angola’s central bank left its benchmark BNA rate at 16.0 percent, noting the slowdown in August inflation due to an increase in the supply of food and restrained demand.
    The National Bank of Angola (BNA), which has raised its rate by 500 basis points this year in an effort to curb inflation, encourage savings and reduce the need for foreign exchange, added that it had also taken note of the deceleration in money supply.
    Angola’s monthly inflation rate in August eased to 3.30 percent from July’s 4.04 percent but on an annual basis it accelerated to 38.18 percent in August from 35.3 percent in July.
    The BNA said the restricted monetary base grew by 1.91 percent in August and while money supply was up by an annual 22.17 percent, in real terms it represented a contraction.
    Angola is suffering from an acute shortage of foreign exchange due to the fall in crude oil prices and the central bank has devalued the kwanza several times in the last year.
    Today the kwanza was trading at 165.7 to the U.S. dollar compared with 135.2 at the start of the year.
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    The National Bank of Angola issued the following statement:<\/p>\n

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“The Monetary Policy Committee of the National Bank of Angola (CPM) met on September 28, 2016, at its fifty-ninth ordinary session.<\/span><\/div>\n
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The CPM analyzed the development of indicators on the national economy with emphasis on the real sectors, Fiscal, Monetary and Foreign as well as the behavior of the international economy. <\/span>Particular attention was paid to the recent trend in prices in the national economy, and the CPM, noticed an inflation slowdown in August, due on the one hand, the increase in the supply of goods and services, especially food and, on the other hand , the demand restraint.<\/span><\/span><\/div>\n
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I. DEVELOPMENTS IN MONETARY ECONOMICS AND FINANCIAL NATIONAL<\/strong><\/div>\n
In August 2016, the monthly inflation rate, measured by the Consumer Price Index in the province of Luanda, published by the National Statistics Institute, was 3.30%, against 4.04% in the previous month. <\/span>However, given that the inflation rate in August 2016 stood at a still high level when compared to the rate of the same period of 2015, the inflation of the last twelve months stood at 38.18%.<\/span><\/span><\/div>\n