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Angola raises key rate to 12%

Angola raises key rate to 12%


Angola’s central bank said on Monday it had raised its benchmark lending rate by 100 basis points to 12 percent, due to a general rise in price pressures.

Angola’s annual inflation rate quickened to 14.27 percent in December 2015, accelerating from 13.29 percent in the preceding month and hitting its highest level since June 2011.

The economy of Africa’s second biggest oil producer has been hampered by the decline in the global oil prices, a result which has seen its currency, the Kwanza, tumble by more than 50 per cent against the US dollar since January 2015.

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