Mozambique’s economic growth expected at 5.5 percent in 2017

Mozambique’s central bank pledged Wednesday to continue to take measures to guarantee the country’s macroeconomic stability.

For this year, the bank expects the economy to grow 5.5 percent and with an average inflation kept at 14 percent, said Rogerio Zandamela, governor of the central bank.

“The market has reacted to the measures that we have taken, the exchange rate inverted the cycle of depreciation that characterized it and consequently the annual inflation rate rolled back in December after the peak of nearly 27 percent registered in November,” said the bank governor.

The governor is confident that the drop of the inflation rate will continue throughout the year.

On the other hand, the central bank acquired foreign exchange at 250 million U.S. dollars to balance its international net reserves that were going down following the drop of investments and interruption of international financial support by cooperation partners.

Source: Xinhua/NewsGhana.com.gh

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