Mozambique | - Part 11

Mozambique Central Bank Hikes Policy Rate to Curb Inflation in April

MAPUTO, Mozambique, Capital Markets in Africa —The Bank of Mozambique has decided to increase key policy interest rates to the highest level in four years , in its efforts to curb inflationary pressure. The Bank’s Monetary Policy Committee, which met in Maputo on 20 April, announced that the Standing Lending Facility (the interest rate paid by the commercial banks to the central bank for money borrowed on the Interbank Money Market) will rise immediately by…

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

Posted on by The Editorial Team

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

Posted on by The Editorial Team

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: A Soft Landing in 2016 — Tiago Dionisio, Chief Economist

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Mozambique’s long-term economic outlook remains upbeat Economic activity in Mozambique slowed in 2015. The latest data released by the National Statistics Bureau (INE) showed that real GDP expanded at a more modest 5.9% YoY in 2Q15. This is well below the growth rates seen in the previous four quarters, which averaged 7.4%. The mining and construction sectors remained the main growth drivers of the economy, improving 17.9% and 13.1%, respectively, from the same period of 2014….

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

Posted on by The Editorial Team

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…

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