The Monetary Policy Committee (CPM) of the National Bank of Angola (BNA) cut the key BNA Rate by 50 bp to 17.0 % and lowered the overnight lending and deposit facility rates to 18.0 % and 16.0 %, citing sustained disinflation and benign short-term price prospects. This follows cumulative easing of 250 bp from 19.5 % since September 2025. April’s headline inflation slowed to 11.58 % y/y from 12.42 % in March despite a slight uptick in the monthly rate to 0.58 %, prompting the CPM to trim its 2026 inflation forecast to 11.5 % while keeping its 2026 GDP growth projection at 3.5 %. Banking-system liquidity surged, with free reserves rising 60.9 % in April as base money and M2 expanded 2.98 % and 8.25 % respectively, yet the committee judged inflation risks to remain contained. The goods account surplus widened to USD 6.97 bn in January–April, and international reserves stood at USD 15.82 bn, covering 7.5 months of imports. The CPM noted that Middle East geopolitical tensions have pushed oil above USD 100/bbl and dampened the IMF’s 2026 global growth outlook to 3.1 %, but reaffirmed its commitment to monitor internal and external risks to price stability.
National Bank of Angola 2026-05-14
National Bank of Angola cuts key BNA Rate by 50 bp to 17.0 %
National Bank of Angola’s Monetary Policy Committee cut the key BNA Rate by 50 bp to 17.0 % and reduced overnight lending/deposit facility rates to 18.0 %/16.0 %, citing ongoing disinflation; the move extends cumulative easing to 250 bp since September 2025 and follows an April inflation slowdown to 11.58 % y/y, leading the committee to trim its 2026 inflation forecast to 11.5 %. The CPM said inflation risks remain contained amid a 60.9 % jump in banking‐system free reserves, while the goods account surplus widened to USD 6.97 bn in January–April and international reserves held at USD 15.82 bn (7.5 months of imports).