On January 14, 2026, the Banco Nacional de Angola (BNA) cut its base rate (taxa basica) to 17.5%, down from 18.5%, marking the third consecutive reduction in the easing cycle that began from the 19.5% terminal rate set in July 2024. With consumer price inflation at 15.7% year-over-year (Instituto Nacional de Estatistica, December 2025) and foreign exchange reserves standing at approximately $14-15 billion, Angola’s central bank is navigating a deliberate transition from crisis-era tightening to a policy stance calibrated for growth in a $115 billion economy.
Institutional Profile
| Detail | Value |
|---|---|
| Full Name | Banco Nacional de Angola |
| Founded | 1976 |
| Governor | Jose de Lima Massano (since 2017) |
| Mandate | Price stability, financial system stability |
| Base Rate (Taxa Basica) | 17.5% (as of January 14, 2026) |
| Foreign Exchange Reserves | ~$14-15 billion |
| Currency Issued | Angolan Kwanza (AOA) |
| Exchange Rate (USD/AOA) | ~914.60 |
| Supervised Institutions | Commercial banks, payment system operators |
Monetary Policy
The BNA’s primary instrument is the base rate, supplemented by standing lending and deposit facilities, reserve requirements, and open market operations. The current easing trajectory reflects the Monetary Policy Committee’s (Comite de Politica Monetaria) assessment that disinflation is sufficiently entrenched to permit measured rate reductions.
| Date | Base Rate | Change |
|---|---|---|
| July 2024 | 19.5% | Terminal rate |
| Mid-2025 | 19.0% | -50 bps (first cut) |
| Late 2025 | 18.5% | -50 bps (second cut) |
| January 14, 2026 | 17.5% | -100 bps (third cut) |
The BNA’s medium-term objective is single-digit inflation. With December 2025 inflation at 15.7%, significant further progress is required, but the trajectory has been consistently downward from peaks exceeding 25% in 2021-2022.
Exchange Rate Management
The BNA manages the Kwanza (AOA) through twice-weekly foreign exchange auctions, a mechanism introduced as part of the 2019 exchange rate liberalization that replaced the prior fixed peg. The current USD/AOA rate of approximately 914.60 reflects the managed float regime. The 2019 liberalization reduced the parallel market premium from over 150% to less than 5%, a structural improvement that has been sustained. Foreign exchange reserves of $14-15 billion provide approximately 8-9 months of import cover.
Banking Supervision
The BNA supervises Angola’s commercial banking sector, enforcing capital adequacy requirements, conducting on-site inspections, and managing the resolution of distressed institutions. Since 2019, the BNA has undertaken a comprehensive banking sector restructuring, including the resolution of several undercapitalized banks and the tightening of governance standards. The PROPRIV privatization programme has further reshaped the sector – Banco Angolano de Investimentos (BAI) listed on BODIVA in June 2022, and Banco de Fomento Angola (BFA) followed in September 2025.
Fiscal Agent Role
The BNA conducts treasury bill (Bilhetes do Tesouro) and treasury bond (Obrigacoes do Tesouro) auctions on behalf of the Ministry of Finance. These instruments settle through CEVAMA (Central de Valores Mobiliarios de Angola) and trade on BODIVA’s secondary market. Government bond auctions are a critical component of public debt management, with public debt standing at approximately 65% of GDP.
Reform Agenda
Since 2019, the BNA has pursued four pillars of institutional modernization: exchange rate liberalization, an inflation-targeting framework, banking sector restructuring, and digital payments infrastructure including an instant payments system. Angola’s sovereign credit ratings – B-/B3/B- from S&P, Moody’s, and Fitch respectively, all with Stable outlook – reflect the cumulative progress of these reforms.