Angola will keep cutting interest rates as long as inflation is kept low, central bank governor Jose De Lima Massano said on Wednesday, forecasting that inflation will fall to 16% this year and 9-10% by the end of 2023.
"Today we have interest rates in Angola above 20%. So those are too high. And if we have room to keep on reducing them, we'll do it," De Lima Massano told Reuters on the sidelines of the IMF-World Bank Annual Meetings in Washington.
, and a strengthening kwanza, which has gained 26% so far in 2022 against the dollar, one of the best performing currencies in the world . "If we notice that it's time for us to intervene, to reduce levels of volatility, we'll do it. It does not mean that the currency will not appreciate or depreciate, we just don't want to see big moves in either direction."
Angola's President Joao Lourenco won a second presidential term in August, prolonging the ruling party's nearly five decades of uninterrupted rule of Africa's second-largest oil producer.
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