The domestic currency money supply—money created and controlled by the Central Bank—increased by 3.77%, amounting to a total of 92.66 billion kwanzas in absolute terms in 2025
The National Bank of Angola (BNA) explains, in its 2025 Financial Statements report to which OPAÍS had access, that the growth of the monetary base in local currency was driven by the net expansionary effect of the BNA’s receipts and payments, totaling 259.26 billion kwanzas.
The increase was also driven by the government’s fiscal operations, which totaled 4.76 billion kwanzas. This effect was mitigated by the contractionary impact of Monetary and Exchange Rate Policy Operations (106.77 billion kwanzas); in other words, the BNA conducted operations that withdrew this amount from the economy, thereby reducing the impact of the expansion in the monetary base.
The expansion of the monetary base was reflected in a 17.10% increase in the stock of banknotes and coins in circulation and a 7.45% increase in required reserves in local currency, while free reserves in local currency decreased by 5.72%. The financial report states that the monetary aggregate in local currency, an intermediate variable of monetary policy, grew by 16.52%. This increase was reflected in a rise in other deposits in local currency, banknotes and coins held by the public, and transferable deposits in local currency by 24.78%, 15.16%, and 11.22%, respectively.
Source: O País
