No deal for An­gola

Weekend Argus (Saturday Edition) - - LIFE -

LUANDA: An­gola’s cen­tral bank raised its bench­mark in­ter­est rate by 200 ba­sis points to 16 per­cent after the gov­ern­ment in Africa’s big­gest oil pro­ducer broke off talks with the IMF over a pos­si­ble fi­nan­cial res­cue pack­age.

An­gola has been hit hard by the slump in global crude prices, and the kwanza has shed more than 40 per­cent against the dol­lar over the past two years, fu­elling in­fla­tion that hit nearly 30 per­cent in May.

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