Mozambique | - Part 2

Mozambique Rating Downgrade by S&P, Moody’s on Debt Swap

MAPUTO, Mozambique, Capital Markets in Africa — Mozambique’s credit rating was downgraded by Standard & Poor’s and Moody’s Investors Service because a proposed restructuring of about $700 million of bonds issued by a state-owned Tuna-fishing company could be equivalent to a default, according to the firms. S&P’s rating for the south-east African nation was lowered to CC, 10 levels below investment grade, from B-, the company said in a press statement released on Tuesday. While Moody’s…

Mozambique Central Bank Keeps Benchmark Rate at 10.75% in March

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MAPUTO, Mozambique, Capital Markets in Africa — The Bank of Mozambique has decided to increase key interest rates, and the marginal lending facility was kept at 10.75 percent as well as the deposit facility (the rate the central bank pay to the commercial bank deposit money) remained unchanged at 4.25 percent, the central bank said in a statement released after the Bank’s Monetary Policy Committee on Monday. A statement from the Bank’s Monetary Policy Committee,…

Bank of Mozambique hikes benchmark interest rates

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MAPUTO, Mozambique, Capital Markets in Africa — The Bank of Mozambique has decided to increase key interest rates, and the marginal lending facility was increased by 100 basis points to 10.75 percent and the deposit facility by 50 basis points to 4.25 percent, the central bank said in a statement released after the Bank’s Monetary Policy Committee on Monday. This is the highest interest the Bank of Mozambique has charged since September 2012. The rate…

Mozambique to limit use of Credit/Debit Card Abroad to US$13,600

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MAPUTO, Mozambique, Capital Markets in Africa — The Bank of Mozambique has set an annual limit of 700,000 meticais (about US$13,600) for payments abroad using a credit or debit card issued by a Mozambican bank. The governor of the central bank, Ernesto Gove, had warned on Nov 30 that large sums of money were leaving the country through the unrestrained use of bank cards abroad, and that this type of spending had risen dramatically. The metical…

Mozambique central bank further tighten, raises rate to curb inflation

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MAPUTO, Mozambique, Capital Markets in Africa — Mozambique’s central bank raised its benchmark policy rate to the highest in three years to help curb inflation and manage the metical, which exceeded forecasts and would impact the objectives for 2015 and 2016. Bank of Mozambique raised the benchmark standing facility rate by 150 basis points to 9.75 percent, the Maputo-based institution said in an e-mailed statement on Monday. The bank, which has now hiked its policy rate by 225…

Bank of Mozambique hikes Marginal Lending Facility rate by 50bps to 8.25% to curb inflation …

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MAPUTO, Mozambique, Capital Markets in Africa — Mozambique’s central bank raised its benchmark standing facility rate by a further 50 basis points to 8.25 percent, citing the need for “redoubled caution” in light of the prospects for short and medium-term inflation at a time of growing foreign and domestic risks, according to stated issued by the Bank of Mozambique. The bank has raised its rate by 75 basis points so far in 2015 following an…

Moody’s downgrades Mozambique government rating to B2

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MAPUTO, Mozambique (Capital Markets in Africa) — Moody’s Investors Service has today downgraded Mozambique’s government issuer rating to B2 from B1 and changed the outlook to negative. The key driver for Moody’s decision to downgrade Mozambique’s rating to B2 is the underperformance of its fiscal and debt metrics vis-à-vis peers which is expected to continue over the medium-term. The negative outlook reflects uncertainties over the government’s strategy for covering its increasing external debt payments in…

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