Mozambican central bank keeps key interest rates unchanged

14 August 2015

The Bank of Mozambique has decided to keep its key interest rates unchanged, with the liquidity facility remaining at 7.5 percent and the permanent deposit facility at 1.50 percent, according to a statement from the Mozambican central bank.

The bank also said the Monetary Policy Committee decided to keep reserve requirements at 8.0 percent and to intervene in the interbank market in order to ensure compliance with the monetary base in August 2015 at 60.577 billion meticais.

The statement issued in Maputo said that at the end of July the balance of net international reserves increased by US$13.6 million to US$2.6134 billion, due to disbursements of external State funds in the amount of US$91.5 million.

Gross international reserves covered 3.86 months of goods and services imports after excluding the operations of major projects.

The average nominal interest rate charged by credit operations on lending over 12 month in June was 17.89 percent, which was a cumulative decrease of 1.86 percentage point and an annual decrease of 2.90 percentage points.

The prime rate, which is the system’s average rate, increased by 30 basis points in June compared to the same month of 2014, to 14.53 percent. (macauhub/MZ)