Angola's BNA says it can keep inflation contained

What the central bank said

The bank projects it can maintain price growth within bounds now that it has returned it to single digits, and it aims to prevent another surge like before.

World Bank data show Angola previously got inflation into single digits from 2013 to 2015, only for it to accelerate afterward. Pedro argued that the current mix of supports should help prevent another reversal.

Policy steps under way

The BNA is upgrading its monetary policy tools and building out inflation forecasting, while working more closely with fiscal authorities to lay the groundwork for an inflation targeting regime. Structural imbalances have delayed adoption since preparations began in 2019, and Pedro did not give a timetable.

Authorities are aiming for a 3% to 7% inflation corridor, consistent with the Southern African Development Community's stated convergence objectives. The bank further intends to expand and develop the foreign exchange market and roll out tools including currency swaps and forward sales, emphasizing that shifts in the exchange rate strongly influence consumer prices.

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What else the bank plans and what it means

Pedro said Angola needs faster economic diversification and fewer imports to sustain lower inflation. With domestic refining capacity poised to grow, the country could markedly cut its purchases from abroad of refined petroleum products during 2027 to 2029.

The bottom line: clear targets, stronger tools, and a deeper FX market point to a central bank trying to steady prices. For your portfolio, a more predictable inflation path and a maturing policy framework can smooth macro swings while the real economy works on diversifying beyond oil.

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