26 June 2014

Angola: Credit to Economy Grew 1,22 Percent in May - Bank

Luanda — The credit to the economy reached a stock of Akz 3,120 billion (Usd 3.1 million) in May this year, which is a rise of 14.71 percent over the last 12 months, Angop learned Thursday in Luanda from a Reserve Bank (BNA) press release.

In May, the commercial banks bought foreign exchange worth Usd 2.761million, of which Usd 1.660 million from BNA, which accounts for an increase of 74,7% as compared with the previous month.

On the other hand, the note from the BNA Monetary Policy Committee that gathered on June 24 states that the monthly inflation rate in May was 0,62%, which is lower by 0,25 % than that of 2013. The inflation over the last 12 months stood at 6,95%.

Class 12 items - goods and services - with 1,72%, were the one recording more variations, while class 01 - Food and non-alcoholic beverage, with 0,24%, were the main contributor to the inflation recorded in the month in respect.

The LUIBOR Overnight stood at 2,96% a year, and at 7,33% and 9,6% in the maturities of 3 and 12 months, respectively.

From January to May 2014, the overall volume of sale of foreign exchange was Usd 12.619 million, against Usd 10.041 million of the corresponding period of 2013, representing a rise of 25,7%.

In the primary foreign exchange market, the reference average exchange rate remained stable at Akz 97.66 per US dollar.

Following a market review, the BNA Monetary Policy Committee decided to keep the basic interest rate (BNA Rate) at 9,25% a year, the

the interest rate for the marginal lending facility will be set at a level of 4.5% and the interest rate for the liquidity absorption facility at 1,75% a year.

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