Q: Angola’s inflation fell to less than 10% for the first time on record in August 2012. How did the Banco Nacional de Angola [BNA] help bring this about?
A: We are satisfied with the course of monetary policy. We’ve been able to reach the lowest level of inflation in the country for the past 20 years. It’s something we’ve been fighting for. We changed the instruments that we had been using to conduct monetary policy. In the case of Angola, the foreign exchange rate is still one of the key anchors [of monetary policy]. But one of the main things for us has been to improve the channels to transfer monetary policies to the market. The monetary policy committee [which was established in 2011, along with a reference interest rate] has improved transparency when it comes to the decisions of the central bank.
