Ver Angola

Banking and Insurance

BNA recommends banks to adjust interest rates on term deposits

The National Bank of Angola (BNA) recommended that commercial banks adjust interest rates on term deposits, taking into account the increase in inflation, and develop other products that encourage savings.

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In a circular letter published Wednesday night on its website, the regulator recalls that "the recent trajectory of inflation required the taking of additional measures for its control", including the increase in the Basic Interest Rate (BNA Rate) from 15 .5 percent to 20 percent and the increase in the Interest Rates of the Permanent Lending and Absorption Facilities for Liquidity from 19.88 percent to 25 percent and from 12 percent to 15 percent, respectively.

The measures were taken at the last meeting of the Monetary Policy Committee (CPM) and aim to reverse the course of inflation by reducing the propensity for consumption, "at a time of lesser availability of goods and services due to health security measures" to tackle the covid-19 pandemic.

The BNA highlights, on the other hand, that the increase in the inflation rate was not accompanied by a corresponding increase in interest rates paid on deposits, which has caused a progressively negative real interest rate and which acts as a strong disincentive to saving .

It therefore recommends that banks adjust interest rates on term deposits, in particular rates for maturities equal to or greater than one year, considering at least the proportion of the increase in the BNA Rate, in conjunction with their needs of liquidity.

It also suggests that products be developed that can contribute to stimulating savings, thus extending the maturity of the resources on their balance sheets, and that promote transparency regarding the conditions of time deposits with its customers.

In cases of application of several interest rates during the term of the deposit, banks are required to publish, in addition to the rates applicable in each period, the equivalent TANB for the total term of the term deposit, referred to in same note.

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