Angola’s central bank chopped its policy interest rate by 50 basis points to 9.25 percent after October inflation data showed the consumer prices index had hit the lowest level the country’s statistics office had ever recorded.

The National Bank of Angola (BNA), which has now cut its rate three times this year for a total of 100 basis points, said it expected inflation to continue declining as it has done in the recent years, the Central Bank News reported.

Angola’s inflation rate fell to 8.38 percent in October from 8.93 percent the previous month, hitting one of the lowest levels since inflation data has been compiled, the BNA said.

The BNA’s goal for many years was to get inflation below 10 percent and this was achieved in August 2012 and inflation has continued to decline slowly since then.

Interest rates on loans issued in the kwanza currency also continued to fall in October, the bank said, with the rate falling to 13.79 percent from 14.09 percent.

The average exchange rate of Angola’s kwanza was 97.27 to the U.S. dollar at the end of October, an appreciation of 0.38 percent compared to the end of September.