Credit from Mozambican banks to the economy grew 4.1 per cent in the first eight months of this year to 11.6 billion meticals, as a result of an increase in the domestic and foreign currency component of 7.5 billion meticals and 4.1 billion meticals, respectively.
The information is contained in the balance of the Economic and Social Plan and State Budget (BdPESOE), for the third quarter of 2023, from the Ministry of Economy and Finance (MEF).
The institution’s figures show that the institutional entities whose bank debt increased significantly in the period in question were private companies and individuals.
In this sense, “up to the end of August, the balance of credit in most sectors of economic activity increased, especially credit to private individuals (10.7 billion meticais) and the mining industry (1.1 billion meticais)”.
However, the document emphasises that, in annual terms, credit to the economy expanded by 5.4% to almost 15.1 billion meticais, justified by the upturn in economic activity.
According to the Bank of Mozambique, 15 commercial banks and 12 microbanks operate in the country, as well as credit cooperatives and savings and credit organisations, among others.
