Bank of Mozambique keeps key interest rates unchanged

16 June 2015

The Bank of Mozambique has decided to keep its key interest rates unchanged at 7.5 percent for the marginal lending facility and 1.50 for the deposit facility, according to a statement issued Monday in Maputo .

In addition to keeping reserve requirements unchanged at 8 percent, the monetary policy committee of the Mozambican central bank also decided to intervene in the interbank market to ensure that the money supply does not exceed 59.204 billion meticais in June.

In the same statement, the Bank of Mozambique said net foreign reserves in May recorded a drop of US$24.5 million to US$2.463 billion, with gross foreign reserves the equivalent of 3.63 months of imports of goods and services, excluding major projects.

In the domestic foreign exchange market the dollar was quoted in May at 34.53 meticais, which was a monthly depreciation of 3.26 percent, an accumulated depreciation of 9.27 percent and annual depreciation of 12.73 percent. (macauhub/MZ)