According to the governor of the BNA, José de Lima Massano, who was speaking after a meeting of the Monetary Policy Committee, the levels of inflation in the economy are still high and it is necessary to continue the exercise of price stabilisation in the economy.
"Today we have a basic interest rate of 15.5 percent, which is already a negative interest rate, because it is below the inflation rate and we have maintained that level," said José de Lima Massano, stressing that there are those who advocate raising the interest rate.
"But we believe that we should maintain (...) despite inflationary pressures, we should leave room for support to the economy to also happen," said the head of the Angolan central bank.
José de Lima Massano stressed that support is more expressive and concrete for the productive sector, so he decided to extend access to compulsory reserves for credit granted to the productive sector.
"Commercial banks will be able to use the obligatory reserves for credit granted to the productive sector, to the 54 priority products defined within the scope of the Programme to Support Production, Diversification of Exports and Import Substitution [Prodesi]," he said.
This credit is granted at an interest rate of 7.5 percent per year, considered quite competitive, José de Lima Massano explained, arguing that it is a "stimulus to the promotion of economic activity in the country.
The BNA Monetary Policy Committee has decided to maintain the interest rate on the absorption facility, with an overnight maturity of zero per cent, as well as to reduce the interest rate on the absorption facility, with a seven-day maturity, from 10 per cent to 7 per cent.
The meeting also decided to extend to the 54 Prodesi products credit with recourse to reserve requirements and the minimum amount of credit operations to be granted per bank.
According to the governor of the BNA, the limits on settlement by instrument for the import of basic food basket goods and medicines are also exempt.
