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Angola’s Central Bank Cuts Interest Rates to 19.5%, First Time Since 2019

Eunniah MbabazibyEunniah Mbabazi
September 27, 2022
in African News
Reading Time: 2 mins read
Angola

Angola’s central bank monetary policy committee cut its benchmark interest rate to 19.5% from 20%, for the first time since 2019.  

Governor Jose de Lima Massano says a slowdown in Angola’s inflation since the start of the year and the appreciation of the kwanza against major overseas currencies were among the main reasons for the cut.

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Price growth in the country dropped below 20% for the first time in more than two years in August, and the central bank forecasts it will slow to less than 18% by the end of the year.

Cooling prices have been aided by the kwanza’s gain against the dollar. It has strengthened almost 30% this year, making it one of the world’s best-performing currencies.

The International Monetary Fund forecasts the economy to expand 3% in 2022, after exiting a five year recession last year.

See Also:

U.K. Enters into a Recession as Bank of England Raises Interest Rate to 2.25%


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