The Bank of Mozambique (BoM) announced in its August 2024 Statistical Bulletin that the services sector stood out as the main destination for bank credit in the country, absorbing 47% of the total granted, which corresponds to 116.9 billion meticals. The information was consulted on Wednesday 6th November by Diário Económico in a document published by the BoM.
According to the report, the total volume of credit made available to the Mozambican economy increased by 2 per cent compared to the same period last year, reaching 248.6 billion meticals.
This growth reflects a moderate expansion in financing to the private sector, with an increase in lending to the services sector, which remains the largest recipient of financing in the country.
In addition to the services sector, other economic sectors also recorded significant volumes of credit. The commercial sector was the second largest recipient, with a total of 10.2 billion meticals, representing growth of 3.1% compared to August 2023. Credit to the extractive industry sector totalled 5.6 billion meticals, an increase of 3.7% on the same month last year.
‘The total volume of credit made available to the Mozambican economy increased by 2 per cent compared to the same period last year, reaching 248.6 billion meticals’
The agricultural sector, considered crucial for rural development and food security, received 3.3 billion meticals in August, an annual increase of 4.5 per cent. This increase represents a response to the strengthening of agricultural commercialisation and support for national production, with rural credit gaining increasing importance in financing policies.
The Banco de Moçambique document also details the regional distribution of credit, with Maputo province and Maputo city leading the way in terms of the volume of credit granted. Maputo city absorbed approximately 34 per cent of the total, benefiting from the concentration of financial institutions and commercial activities in the capital.
Felisberto Ruco
