12 °c
London
Friday, June 9, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Economy

Mozambique lifts lending rate by 100 basis points to 10.75 pct

FurtherAfrica by FurtherAfrica
February 16, 2016
in Economy, Government, Mozambique
Reading Time: 2 mins read
1.3k 13
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Mozambique’s central bank raised its benchmark rate on its permanent facility for providing liquidity by 100 basis points to 10.75 percent, citing a “prevalence of pressure in the short and medium-term” on domestic inflation from reduced supply of fresh agricultural products due to drought in the southern part of the country and the impact of the depreciation of the metical.

The Bank of Mozambique, which already raised its rate by 225 basis points in 2015, added that economic growth has been below forecasts and noted the slowdown in the international economy, with the slowdown in China’s economy and the continuing decline in commodity prices as the main risks facing the global economy that is also characterized by the strengthening U.S. dollar.

Mozambique’s inflation rate rose further to 11.25 percent in January from a 2015 high of 10.55 percent in December.

The central bank also said it would target a monetary base of 68.163 billion meticais in February from 71.179 billion in late January.

The exchange rate of Mozambique’s metical was volatile last year, reflecting shocks to the country’s economy, the continued rise in the U.S. dollar, the fall in prices of the main goods exported from Mozambique and reduced foreign direct investment and foreign aid flow.

The central bank said the metical’s exchange rate was 46.06 to the dollar on the interbank foreign exchange market on the last day of January for a monthly depreciation of 2.47 percent and an annual depreciation of 42.25 percent. In banks, the average exchange rate on the same day was 47.65 for a monthly depreciation of 0.74 percent and in exchange bureaux the metical was quoted at 50.89 to the dollar.

Mozambique’s Gross Domestic Product expanded by an annual 5.9 percent in the third quarter of last year and the central bank estimated fourth quarter growth of 5.6 percent with business confidence as expressed by the economic climate indicators down for the fourth consecutive month in December.

Source: Counting Pips/ Central Bank News

Related

Tags: Central BankinflationInterest ratesMozambiqueモザンビーク莫桑比克
ScanSendShare524Tweet327Share92Pin118Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Nigeria needs currency reform for US$1.5B World Bank loan, country director says
Economy

World Bank sees Kenya economy up 5% this year

by FurtherAfrica
June 8, 2023
Economy

IMF concludes 2023 article IV consultation with South Africa

by Rafael Carvalho
June 8, 2023
Climate

Mozambique and Portugal reforest mangroves and collect plastics

by 360 Mozambique
June 8, 2023
Economy

Ethiopia and Brazil keen to strengthen bilateral ties

by FurtherAfrica
June 8, 2023
Angola Portugal double taxation
Economy

Portugal announces new credit line for Angola

by FurtherAfrica
June 8, 2023
Platform Africa 2023
 
Mozambique eVisa
 
MozParks
 

Translate this page

Read the Latest

Energy

Angola’s Sonangol and Chinese company sign MoU for Lobito refinery

by FurtherAfrica
June 9, 2023
0

Angola’s Oil Firm Sonangol and China National Chemical Engineering (CNCEC) last week in Beijing, China, signed a memorandum of understanding...

Read more

China-Africa trade expo to be held in China’s Changsha

June 9, 2023
Nigeria needs currency reform for US$1.5B World Bank loan, country director says

World Bank sees Kenya economy up 5% this year

June 8, 2023

IMF concludes 2023 article IV consultation with South Africa

June 8, 2023

Savannah energy’s Nigeria arm inks gas supply deal for local market

June 8, 2023

FurtherAfrica Partners Network

The Exchange Farmers Review Africa 360 Mozambique
TechGist Africa Energy Capital & Power Club of Mozambique
Taarifa Rwanda Web3Africa See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa  

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 107,193 other subscribers.
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?