The Monetary Policy Committee (CPM) of the National Bank of Angola (BNA) kept the BNA rate unchanged at 17.5 % and maintained the standing lending and absorption facilities at 18.5 % and 16.5 %, respectively, arguing that a prudent stance is warranted given heightened international uncertainty and escalating geopolitical tensions. After cumulative cuts of 150 bp between September 2025 and January 2026, the CPM this time focused on liquidity, lowering the kwanza reserve-requirement ratio to 17.5 % from 18 % to support interbank market activity. Domestically, disinflation persisted: monthly CPI slowed to 0.52 % in February and headline inflation eased to 13.35 % y/y, while 2025 GDP grew 3.13 % thanks to a 5.38 % expansion in the non-oil sector that offset a 5.22 % fall in oil output; credit to the economy advanced 18.56 % y/y to AOA 7.23 trn. Externally, the goods surplus slipped to USD 2.45 bn in January–February, yet international reserves held at USD 15.93 bn, equal to 7.4 months of import cover. The committee highlighted oil prices above USD 80/bbl and global trade and geopolitical frictions as key upside risks to world inflation and signalled it will retain a cautious policy approach to safeguard price stability.
National Bank of Angola 2026-03-12
Angola’s central bank holds key rate at 17.5%
The National Bank of Angola’s Monetary Policy Committee kept the benchmark rate at 17.5% and the standing lending and absorption facilities at 18.5% and 16.5% but lowered the kwanza reserve-requirement ratio to 17.5% from 18% to support interbank liquidity, citing ongoing disinflation alongside heightened global uncertainty and geopolitical risk. The committee signalled a continued cautious stance to safeguard price stability.