Credit to the Mozambican economy recorded its highest value of the year in September, reaching 289.5 billion meticals (4.5 billion dollars), according to data compiled from a BoM (Bank of Mozambique) statistical report, Lusa reported .
This performance represents an increase of almost 1% on the previous month and surpasses the peak recorded in the same period last year, when credit reached 289.1 billion meticals (4.5 billion dollars).
According to the data, bank credit to the economy has been on a growth trajectory since March, with the exception of April, when it fell by around 1% to 270.7 billion meticals (4.2 billion dollars).
Loans to individuals continue to lead bank lending, totalling 97.1 billion meticals (1.5 billion dollars) in September, also a record for the period analysed. This was followed by the transport and communications sectors, with 26.3 billion meticals (411.6 million dollars), and trade, which totalled almost 24.9 billion meticals (390 million dollars).
Mozambique’s benchmark interest rate, known as the ‘prime rate’, also saw consecutive cuts throughout the year, closing November at 19.8 per cent, the lowest level since July 2023. The reduction reflects a more favourable monetary policy, with the aim of stimulating economic activity in a context of controlled inflation.
The Bank of Mozambique justified the recent decisions to adjust the interest rate with the ‘consolidation of the outlook for single-digit inflation in the medium term’, while also ensuring that the risks associated with the economic scenario remain manageable.
The performance of bank credit reflects the gradual recovery of various economic sectors, pointing to greater dynamisation of the economy, even in a context of international and domestic challenges.
