Angola's central bank raises key interest rate to 9.25 pct

by Reuters 7 views0

Rich families use common investment strategies to create wealth Moody’s downgrades two S.Africa’s development institutions. PHOTOS: Getty Images

Angola’s central bank raised its benchmark lending rate on Monday by 25 basis points to 9.25 percent, the first change to interest rates in Africa’s second-biggest oil producer since October.

(READ MORE: Angola’s credit rating supported by robust economic growth)

On Friday, Fitch affirmed Angola’s credit rating at BB- and revised its outlook to negative, citing the sharp drop in oil prices since last July, which it said was likely to result in a sharp drain on reserves, weaker economic growth and rising debt.