Ver Angola


Rising prices worry BNA. Governor meets with importers

The increase in prices of basic food products has worried the National Bank of Angola (BNA). For this reason, José Lima Massano, governor of the institution, met this Thursday with the country's major food importers to try to find a solution.


According to preliminary data, in January and February the price of basic basket products increased by around five per cent. Thus, the BNA fears that by the end of 2020 this variation will reach 30 per cent.

According to the governor, this change has no apparent reason, since the exchange rate and the behaviour of prices have remained stable in the international market.

"We have many difficulties in understanding why prices have to rise every month, although in some cases it is very slight, especially at this time when prices are stable in the international market," he said, quoted by Angop.

These products have a great weight in the Consumer Price Index and if the increase in the price of basic basket products continues, the stability of prices in the economy will be affected, indicated the governor of the BNA.

It is this constant inflation that the BNA wants to curb. In the meeting with importers, the institution tried to understand what measures could be taken to put a brake on the increase in prices and thus maintain the economic stability of the country.

During the meeting, some importers pointed out the delay in the arrival of responses to letters of credit, tax charges and the payment of the two percent to the customs services as being some of the factors that may be inflating the final price of products.

In reaction, the BNA made it known that it is available to help importers with government authorities. It also recommended that importers establish more direct contact with domestic producers to boost domestic production.

This increase had already occurred in 2019: in January last year an average of 15,000 kwanzas were spent to buy a set of 13 basic basket products - such as rice, sugar, soybean oil, meat, milk powder, flour, among others. In December 2019 the price increased to 20 thousand kwanzas.

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