Luanda, Angola, 30 Sept – The Angolan economy is on a growth trajectory when measured by the product of the non-oil sector, which at the end of the first quarter posted growth of almost 5 percent, the governor of Angola’s central bank, José Massano said in Luanda.
The governor of the National Bank of Angola, who was speaking at the presentation of the new operational framework for the bank’s monetary policy, announced that the downturn in inflation was confirmed, as at the end of August accumulated inflation for the year was 6.8 percent.
At the end of August, he said, long term deposits had posted growth of 13 percent influenced by an 11 percent increase in savings deposits resulting from a 23 percent rise in national currency deposits and 48 percent in foreign currency deposits.
He said that some of the growth in foreign currency deposits was driven by a drop in current account deposits of 9 percent. “In that period, credit growth was 17 percent, most notably growth in loans in national currency of around 34 percent.”
According to the governor of the BNA another positive sign was the fact that medium term credit has increased a little more than short term credit, the latter by 20 percent and the former by 16 percent.
Massano also said that at the end of the second quarter Angola had net foreign reserves of US$21.4 billion as compared to US$17.3 billion at the end of December, 2010. (macauhub)
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