The stock of credit to the Mozambican economy fell slightly in February to 284,045 million meticals (3,918 million euros), the biggest monthly drop in a year, according to official data consulted today by Lusa.
According to data from a statistical report by the Bank of Mozambique, this performance compares with 286,511 million meticals (3.704 million euros) in January, representing a fall of almost 1%, after almost consecutive months of increase.
In April 2024, the stock of credit had also fallen, by 1%, to 270,676 million meticals (3,734 million euros).
The volume of credit granted by Mozambican banks thus continues to move away from the historic peak of 290,973 (4,005 million euros) in November 2024.
According to central bank data, credit to individuals continued to lead the way in February this year, rising to almost 98,837 million meticals (1,363 million euros).
This was followed by the transport and communications sector, whose total credit granted by banks fell slightly again in February, to 22,634 million meticals (312.5 million euros), the manufacturing industry, with 22,230 million meticals (307 million euros), and commerce, with 21,846 million meticals (301.7 million euros).
The reference interest rate for credit in Moc¸ambique will remain unchanged in April, at 18.5%, with the banking system not following the recent cut decided by the central bank, the Mozambican Banking Association (AMB) announced this week.
In March, the AMB had already cut the rate by 50 percentage points, bringing it down to 18.5%, the fifth cut in six months, since only in February had the rate remained unchanged at 19%, as it will now in April.
Since January 2024, the rate, known as the ‘prime rate’, has been falling progressively, after six consecutive months at highs of 24.1%.
Fluctuations in the prime rate are linked to the monetary policy interest rate (MIMO rate, which influences the formula for calculating the prime rate) used by the central bank to control inflation.
The Monetary Policy Committee (CPMO) of the Bank of Mozambique decided on March 26 to lower the MIMO monetary policy interest rate from 12.25%, in force since January, to 11.75%.
“This measure stems essentially from the maintenance of the inflation outlook in single digits in the medium term, despite the increase in uncertainties regarding the effects of the worsening fiscal risk,” said the final communiqué of the CPMO meeting, which takes place every two months.
Lusa
