Mozambique’s private sector owes US$3.544 billion to banks

18 November 2013

The private sector’s indebtedness to the banking system increased by 4.283 billion meticais (US$104.9 million) last September to a total of 144.729 billion meticais (US$3.544 billion), indicate provisional Bank of Mozambique figures.

In accumulated terms, this balance indicates that bank lending to the private sector has increased by 26.917 billion meticais (US$659 million) since the beginning of the year, for year-on-year growth of 35.4 percent.

The broadest money supply aggregate (M3), comprising circulating coins and banknotes and residents’ deposits, excluding those pertaining to the state, increased during the same month by 3.9241 billion meticais to 200.836 billion meticais.

This increase represents accumulated growth of 14.8223 billion meticais and annual variation of 20.4 percent, indicates a statement released by the Monetary Policy Committee of the Bank of Mozambique.

The same statement adds that the September 2013 figures show improvement in the business confidence indicator, countering the downward trend of the two previous months and resulting from entrepreneurs’ positive outlook for all fields of economic activity. (macauhub)