Private companies account for half of bank deposits in Mozambique in 2013

23 October 2014

About 49 percent of bank deposits held in Mozambique in 2013 were owned by private companies, followed by Mozambican and foreign families, with 45 percent, the Bank of Mozambique said, according to Mozambique’s Correio da Manhã newspaper.

The remainder of the deposits are held by the public sector, according to the central bank, which points out that last year the proportion of deposits of private companies fell by 50 basis points, compared with an increase of family deposits of 1.3 basis points, whilst public sector company deposits contracted by 1.8 percentage points.

Mozambican currency deposits grew by 25.073 billion meticais, while deposits in foreign currency increased by the equivalent of 2.287 billion meticais, primarily reflecting foreign exchange inflows.

The Bank of Mozambique said the rise in totals means of payment in 2013 was due to increased bank loans to the private sector, in the amount of 33.833 billion meticais, and the points as factors behind the increase in total means of payment in 2013 the expansion of bank credit to the private sector totalling 33.833 million meticais and the introduction of liquidity by the State.

Total bank deposits were instrumental in increasing the money supply by 16.4 percent, while notes and coins in circulation increased by 3.0495 billion meticais, representing an increase of about 15.5 percent, said the Mozambican central bank. (macauhub/MZ)