Angola’s central bank last week raised its benchmark interest rates, it said in a statement.

The National Bank of Angola announced it had increased the rate from 10.5 percent to 11 percent. The central bank added its standing lending facility interest rate had been increased by 50 basis points to 13 percent.

In the official note, the National Bank said it had considered several economic indicators including: inflation; the exchange rate of the country’s currency the kwanza; and fiscal, monetary and external account indicators; and found a “deterioration of the monetary conditions” in the nation’s economy.

According to the central bank, Angola’s inflation – based on the previous 12 months – hit 13.29 percent in November, up 0.74 percentage points from October.