Bloomberg News

Mozambique Central Bank Keeps Benchmark Interest Rate at 16%

September 12, 2011

Sept. 12 (Bloomberg) -- Mozambique’s central bank left its benchmark interest rate unchanged as economic growth in the southern African nation slowed.

The standing lending facility rate was kept at 16 percent, the Maputo-based Bank of Mozambique said in a statement on its website today.

Mozambique’s economy expanded 6.8 percent in the second quarter from a year earlier, after growing 8.1 percent in the first three months of the year, according to the southern African nation’s statistics office. Annual inflation in Maputo accelerated to 7.9 percent in August from 7.7 percent a month earlier, the agency said on Sept. 9.

The metical has gained 22 percent against the dollar this year and was trading as high as 26.5750 today.

--Editors: Nasreen Seria, Gordon Bell

To contact the reporter on this story: Fred Katerere in Maputo at fkaterere@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net


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