Mozambique central financial institution cuts key fee for sixth time in 2024

(Reuters) -Mozambique’s central financial institution lower its primary rate of interest by 75 foundation factors on Wednesday, the sixth lower in a row, as inflation stays subdued within the southern African nation.

Mozambique’s MIMO rate of interest was lowered to 12.75% from 13.50%.

Inflation in Mozambique has remained beneath 3% since July, coming in at 2.68% yr on yr in October.

The Financial institution of Mozambique mentioned in a press release that its newest financial coverage determination was in line with protecting inflation in single digits within the medium time period, regardless of uncertainties linked to post-election protests and their affect on costs of products and companies.