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Home Africa

Mozambican benchmark prime rate increases 2.3% in March to 17.8%

Rafael Carvalho by Rafael Carvalho
March 1, 2021
in Africa, Banking, Economy, FA, Finance, Mozambique
Reading Time: 1 min read
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Mozambique’s benchmark interest rate in March is set to rise from 15.5% to 17.8%, an increase of 2.3%, the highest since it was created in June 2017, the association of banks and the central bank announced.

The calculation of the value in force in March reflects the January decision of the Monetary Policy Committee (CPMO) of the Bank of Mozambique to increase the monetary policy interest rate, also known as ‘MIMO rate’, by 300 basis points, to 13.25%.

The MIMO rate is one that is part of the reference interest rate formula.

In January, the CPMO’s decision was supported by a “substantial upward revision of inflation prospects for the medium term” that reflect “the continued depreciation of the metical, in an environment of greater worsening of risks and uncertainties”.

Also read: Mozambique Central Bank raises interest rate – the first central bank to do so in 2021

Uncertainties include “the negative consequences of the accelerated spread of covid-19 and the occurrence of natural disasters, in addition to military instability” in the center and north of the country.

The creation of the ‘prime rate’ with an initial value of 27.75% was agreed between the central bank and the Mozambican Banking Association (AMB) in June 2017 to eliminate the proliferation of interest rates in the cost of money.

The objective is that all credit operations are based on a single rate, “plus a margin (spread), which will be added to or subtracted from the ‘prime rate’ through the risk analysis” of each contract.

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Tags: Bank of MozambiqueBankingbenchmark lending ratebenchmark prime rateEconomyFeatureFinancelending rateMIMO rateMonetary Policy CommitteeMozambican benchmark prime rate increases 2.3 pts in March to 17.8%Mozambiqueмозамбикموزمبيقモザンビーク莫桑比克
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Rafael Carvalho

Rafael Carvalho

Currently the Managing Editor of furtherafrica.com, I am passionate about writing, in its myriad forms. As I started writing and editing content about Africa, I came to the realisation that, just like our ancestors hailed from the motherland, so is the future, too, very much African-oriented. Join me then, as we learn more about a future that is welcoming, multicultural and full of promise. The future that is Africa.

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