Ver Angola

Banking and Insurance

BNA intervenes to halt kwanza devaluation and sells bonds worth 350 million dollars

The National Bank of Angola (BNA) will place Treasury Bonds worth 350 million dollars on the market to mitigate exchange rate risks and alleviate pressure on the national currency, the kwanza.


The decision was announced this Friday by the governor of the BNA, José de Lima Massano, at the end of the 111th ordinary meeting of the Ordinary Policy Committee (CPM).

Lima Massano revealed that the BNA decided to keep all interest rates unchanged in view of the change recorded in some macroeconomic variables that may influence price stability in the Angolan economy, recommending a period of "observation and accommodation of decisions taken" previously by the body.

At issue is above all the reduction in the trade balance, reflected in the offer of foreign exchange resources to economic operators, which is putting pressure on the national currency – the kwanza – which should culminate in a smaller supply of imported goods, he justified.

The CPM understood, therefore, that it was necessary to offer financial instruments to mitigate the exchange rate risk and decided to place on the market Treasury Bonds from the BNA portfolio, in foreign currency, in the amount of 350 million dollars, which can be purchased in national.

The governor of the BNA also pointed out some indicators that recommend prudence, such as the forecasts of a slowdown in the world economy and the "deterioration of the terms of trade" of the trade balance that contributed to the reduction of the surplus balance in the goods account, reflecting a reduction of more of 23 percent in the value of exports.

On the other hand, international reserves remained stable and stood at 14.45 billion dollars at the end of April, which translates into a degree of coverage of 6.56 months of imports of goods and services.

The BNA kept unchanged the basic interest rate (BNA Rate) at 17 percent, the interest rate on the Permanent Facility for Lending Liquidity, also at 17 percent, and the interest rate on the Permanent Facility for Absorbing Liquidity, on 13.5 percent.

The next CPM meeting will take place on the 17th and 18th of July, in Luanda.


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