23 September 2012

Angola: Credit to Economy Up By 17.09 Percent Since Beginning of 2012

Luanda — The credit to the economy grew 5.24% in August and 17.09% since the beginning of the year, according to a press release of the Monetary Policy Committee (CPM) of the Reserve Bank of Angola (BNA), disclosed to ANGOP on Saturday.

In its press release, BNA stresses that "in August 2012, the inflation rate stood at 0.60% and in the last twelve months, it reached a single digit for the first time, that is 9.87%."

The average exchange rate of the Kwanza, in relation to the U.S. dollar, stood at 95.39 at the end of August 2012, reflecting the economic and financial stability observed since the begining of the year.

The sectors of "Food and Non-Alcoholic Beverages","Clothing and Footwear" and "Furnitures, Household Equipment and Maintenance", recorded the highest increase in prices in the month of August 2012, reads the communiqué.

The document also states that "interest rates remained stable throughout the month of August, with "LUIBOR Overnight" at 5.21% per annum, LUIBOR to 1 month and 12 months at 7.30% and 10.55% per annum, respectively.

The Monetary Policy Committee of BNA met on the 20th of the current month, at its twelfth ordinary session, to assess the evolution of the main macroeconomic indicators.

The development of monetary and foreign exchange markets, as well as the prospect of economic evolution were also analysed by the abovementioned Committee.

The international economic situation, especially the behavior of some macroeconomic indicators of the main trading partners of Angola, was also analysed at the CPM meeting.

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