{"id":50394,"date":"2023-11-26T07:32:41","date_gmt":"2023-11-26T07:32:41","guid":{"rendered":"https:\/\/www.africa-press.net\/angola\/all-news\/increase-in-the-bna-rate-from-17-to-18-among-the-economic-highlights"},"modified":"2023-11-26T08:19:02","modified_gmt":"2023-11-26T08:19:02","slug":"increase-in-the-bna-rate-from-17-to-18-among-the-economic-highlights","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/angola\/all-news\/increase-in-the-bna-rate-from-17-to-18-among-the-economic-highlights","title":{"rendered":"Increase in the BNA rate from 17% to 18% among the economic highlights"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Angola. <\/strong><\/span><b>The increase in the BNA basic interest rate from 17 to 18%, as well as the interest rates on the permanent liquidity provision facility from 17.5 to 18.5%, are among the economic issues that stood out the most in the week that Saturday, ends.<\/b><\/p>\n<p>Along the same path, the National Bank of Angola (BNA) also increased the rate of the permanent liquidity absorption facility from 13.5 to 17.5%, with a view to changing the current scenario of the monetary or interbank market in the country.<\/p>\n<p>According to the Central Bank, the measure also includes increasing the coefficient of mandatory reserves in national currency to 18%, as well as eliminating the custody fee on excess free reserves from banking financial institutions deposited with the BNA.<\/p>\n<p>When presenting the decisions taken from the 114th meeting of the Monetary Policy Committee (CPM), held on the 20th and 21st of this month, in Luanda, the governor of the BNA, Manuel Tiago Dias, said that the increase in interest rates is justified. This is due to the growing trend of inflation, which until last October stood at 16.58%.<\/p>\n<p>This scenario, he said, could compromise the objective of achieving a single-digit inflation rate in the medium term. With the trend of increasing prices of essential products and services, it is expected that, by the end of this year, the inflation rate will stand at 19.5%, a rate above the 17.8% projected by the Angolan Government .<\/p>\n<p>On the occasion, it was also highlighted that Angola&#8217;s Net International Reserves (RIL), until the end of last October, stood at 14.24 billion US dollars, which corresponds to a coverage of around seven months of imports of goods and services into the country.<\/p>\n<p>According to the BNA governor, in the first 10 months of 2023, the surplus balance of the goods account stood at US$16.83 billion, compared to US$29.16 billion recorded in the same period of the previous year.<\/p>\n<p>In the period under analysis, these data represented a reduction of 42.27% (12.33 billion dollars), reflecting the drop in export revenues of 32.12% (USD 13.92 billion).<\/p>\n<p>Another economic fact that also marked the week was the confirmation of the entry of the North American company \u201cHilton Hotels &amp; Resorts\u201d, one of the largest hotel chains in the world, into the Angolan hotel market, through a partnership agreement with the national business group \u201c Sailboat&#8221;.<\/p>\n<p>The signing of the respective agreement, called \u201cBranding &amp; Management Contract &#8211; Hilton\/Prodoil\u201d, marks the beginning of the construction of a five-star hotel in the country&#8217;s capital, with an investment of around 150 million US dollars by the Angolan company Sailboat, whose financing is already guaranteed by international banks.<\/p>\n<p>The infrastructure, to be built over a period of four years, in the space of the Jango Veleiro restaurant (entrance to Luanda Island), includes 302 rooms and is expected to create 1,900 direct jobs.<\/p>\n<p>The contract, signed by the president of the Board of Directors of Prodoil, Pedro Godinho, and the vice-president of Hilton for Africa and the Middle East, Carlos Khanness, establishes that the American company is the manager of the hotel, while the Angolan company is the owner of the enterprise.<\/p>\n<p>The initialed document also authorizes the management of the \u201cFu\u0301tila Sea Breeze\u201d housing condominium, built five years ago by the Veleiro group, in Cabinda, to also be carried out by the North American company.<\/p>\n<p>With 11 buildings, comprising 280 apartments already completed, the Fu\u0301tila project, whose first stone was laid in 2012, was budgeted at around USD 65 million.<\/p>\n<p>The week also marked the second International Conference and Exhibition on the Mining Sector, where, for two days, participants reflected on themes such as &#8220;Angola&#8217;s vision for sustainable development in the mineral resources sector&#8221; and &#8221; Perspectives of mining prospecting in the face of technological modernization sponsored by Ozango&#8221;.<\/p>\n<p>They were also part of the thematic debate panels such as &#8220;Development of a workforce for excellence&#8221; and &#8220;Diversity and economic growth and challenges in the international diamond market&#8221;.<\/p>\n<p>On the occasion, the Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, assured that the Angolan mining sector is developing an action plan for the country to achieve self-sufficiency in the area of \u200b\u200bfertilizer production.<\/p>\n<p>He said that, with the implementation of the outlined actions, it is expected that the fertilizer produced in Angola can be exported, increase foreign exchange in the country and contribute to the eradication of poverty.<\/p>\n<p>As projects that will lead the country to achieve self-sufficiency in fertilizer production, the governor pointed to phosphate production in the province of Cabinda, where a factory is being built for the production of phosphate granules, with direct application in some cultures, the two concepts of phosphate in the province of Zaire, as well as the work carried out to identify the occurrence of potassium.<\/p>\n<p>During this event, the president of the Canadian business group \u201cIvanhoe\u201d, Marna Cloete, assured that her company will invest at least six billion dollars, by the end of this year, for diamond exploration in three areas of the country.<\/p>\n<p>According to the businesswoman, Angola is a copper potential that has the same seismological elements similar to the third largest copper reserve in the world, located in the Democratic Republic of Congo (DRC).<\/p>\n<p>Still in the mining sector, the Geological Institute of Angola (IGEO) and the American company United States Geological Survey (USGS) signed a memorandum of understanding, which provides for the exploration of copper ores in Angola.<\/p>\n<p>The territory to be explored is part of the region called the Central African Copper Belt (Copperbelt), located in several provinces of the Republic of Zambia and around a third is in Angola, in a vast territory that extends between the provinces of Moxico and Cuando Cubango.<\/p>\n<p>In the agricultural field, the fact that Angolan families contributed 91.5 percent of the total cultivated area in the 2022\/2023 agricultural campaign stood out, in a universe of 1.7 million diagnosed peasant families.<\/p>\n<p>According to the Minister of Agriculture and Forestry, Anto\u0301nio Francisco de Assis, who was speaking at the National Assembly, as part of the discussion on the Special State Budget proposal (OGE), 3.1 million tons of cereals (corn, massango , wheat, rice), with emphasis on the province of Huambo, with 27.7 percent, Cuanza Sul 23.1 percent, Bie\u0301 14.3 percent, Benguela 11.2 percent and Hui\u0301la 8.5 percent.<\/p>\n<p>Among the products, roots and tubers (cassava, reindeer and sweet potatoes), legumes and oilseeds (beans, peanuts and soybeans), fruits such as mango, pineapple and avocado, as well as vegetables or vegetables, stood out.<\/p>\n<p>On the same occasion, the Minister of State for Economic Coordination, Jose\u0301 de Lima Massano, stated that the country&#8217;s exports totaled, in the third quarter of this year, 3.7 billion dollars, representing a drop of around 28 percent compared to the same period in 2022.<\/p>\n<p>In the same period, he said, US$3.6 billion in goods were imported and US$1.3 billion were paid.<\/p>\n<p>He said that fuel imports had a relevant weight in the third quarter, with around 772 million dollars, while food goods reached around 482 million dollars.<\/p>\n<p><b>angop<\/b><\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/angola\">Angola<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Angola. The increase in the BNA basic interest rate from 17 to 18%, as well as the interest rates on the permanent liquidity provision facility from 17.5 to 18.5%, are among the economic issues that stood out the most in the week that Saturday, ends. Along the same path, the National Bank of [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":50393,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[233,337,329],"class_list":["post-50394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-angola","tag-angola"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Increase in the BNA rate from 17% to 18% among the economic highlights - Angola<\/title>\n<meta name=\"description\" content=\"The increase in the BNA basic interest rate from 17 to 18%, as well as the interest rates on the permanent liquidity ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/angola\/all-news\/increase-in-the-bna-rate-from-17-to-18-among-the-economic-highlights\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Increase in the BNA rate from 17% to 18% among the economic highlights\" \/>\n<meta property=\"og:description\" content=\"The increase in the BNA basic interest rate from 17 to 18%, as well as the interest rates on the permanent liquidity ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/angola\/all-news\/increase-in-the-bna-rate-from-17-to-18-among-the-economic-highlights\" \/>\n<meta property=\"og:site_name\" content=\"Angola\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-26T07:32:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-26T08:19:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/angola\/sites\/65\/2023\/11\/sm_1700973968.501262.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1620\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/increase-in-the-bna-rate-from-17-to-18-among-the-economic-highlights#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/increase-in-the-bna-rate-from-17-to-18-among-the-economic-highlights\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Increase in the BNA rate from 17% to 18% among the economic highlights\",\"datePublished\":\"2023-11-26T07:32:41+00:00\",\"dateModified\":\"2023-11-26T08:19:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/increase-in-the-bna-rate-from-17-to-18-among-the-economic-highlights\"},\"wordCount\":1162,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/increase-in-the-bna-rate-from-17-to-18-among-the-economic-highlights#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/angola\/sites\/65\/2023\/11\/sm_1700973968.501262.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Angola\",\"Angola\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/angola\/all-news\/increase-in-the-bna-rate-from-17-to-18-among-the-economic-highlights#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/increase-in-the-bna-rate-from-17-to-18-among-the-economic-highlights\",\"url\":\"https:\/\/www.africa-press.net\/angola\/all-news\/increase-in-the-bna-rate-from-17-to-18-among-the-economic-highlights\",\"name\":\"Increase in the BNA rate from 17% to 18% among the economic highlights - 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