• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Big rate hike in play for Angola as currency slides, inflation soars

2 years ago
in Business, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
60
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Big rate hike in play for Angola as currency slides, inflation soars

Angola’s central bank is poised to raise borrowing costs to cool inflation that’s at a four-month high and shore up its currency, at its first rate-setting meeting to be presided over by Governor Manuel Tiago Dias.

Economists told Bloomberg that they expect the monetary policy committee will lift the key lending rate, currently at 17%, by 200 basis points to 300 basis points on Friday. A hike would be the first this year after two successive cuts and a hold.

The annual inflation rate in Africa’s third-biggest oil producer rose to 11.25% in June from 10.6% in the previous month. It’s seen staying elevated after the government cut subsidies for gasoline last month and Treasury abstained from dollar sales in April and May, accelerating the depreciation of the kwanza against the US currency to almost 39% since then.

Against the backdrop of a rapidly depreciating exchange rate since mid-May and the removal of fuel subsidies threatening inflation, the MPC could hike by up to 200 basis points at this meeting, Absa Group Ltd. economists Ridle Markus and Mpho Molopyane said in a research note on Monday.

Wilson Chimoco, an economist at Universidade Catolica de Angola, predicts a hike to 20% or “more” accompanied by an increase in the reserve requirements for the local currency.

The move will help manage businesses’ inflation expectations, Chimoco and Euriteca Andre, a Luanda-based economist and university lecturer, said.

RelatedPosts

BoG Halts GCB Bank Dividend Payment Over Regulatory Breach

How an Idle Land Tax Could Build 10,000 Homes in 5 Years

Thibaut Courtois Accuses La Liga of ‘Manipulation’ Amid Protests Over Miami Fixture

The central bank, whose governor was replaced in June, is planning to revise its inflation target of between 9% and 11% for the end of 2023.

Fitch Ratings said in a report on June 23 it expects a weaker kwanza to be one of the main drivers of upward pressure on inflation given the country’s reliance on imported food. It forecasts inflation to average 14.7% in 2023 and increase to 17.1% in 2024.

Complicating the calculus is the impact a rate hike will have on economic growth. The economy contracted for the first time in almost two years in the three months through March, compared with the prior quarter.

Tags: AngolaBig rate hike in play for Angola as currency slidesinflationinflation soars
No Result
View All Result

Highlights

Historic Bid: U.S. Joins Forces with Mexico, Costa Rica, and Jamaica for 2031 Women’s World Cup

Bank of Ghana Sells GHS 7.0bn in 56-Day Bills at 21.46% Interest Rate

Deputy Finance Minister Hints 2026 Budget to Prioritise Fiscal Discipline and Job Creation 

FirstBank and Coronation Insurance Strengthen Partnership to Deliver Greater Value to Customers

Specialised Financial Courts to Prosecute Persons Indicted in Auditor General’s Annual Report, Says President Mahama

Top 50 Mining Companies Surge to New Record Near $2 Trillion Valuation

Trending

Banking & Finance

BoG Halts GCB Bank Dividend Payment Over Regulatory Breach

October 21, 2025

BoG Halts GCB Bank Dividend Payment Over Regulatory Breach Shareholders of GCB Bank PLC may have to...

How an Idle Land Tax Could Build 10,000 Homes in 5 Years

October 21, 2025

Thibaut Courtois Accuses La Liga of ‘Manipulation’ Amid Protests Over Miami Fixture

October 21, 2025

Historic Bid: U.S. Joins Forces with Mexico, Costa Rica, and Jamaica for 2031 Women’s World Cup

October 21, 2025

Bank of Ghana Sells GHS 7.0bn in 56-Day Bills at 21.46% Interest Rate

October 21, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.