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Mozambique Central Bank Keeps Benchmark Rate Unchanged at 16%

October 12, 2011

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

The standing lending facility rate was held at 16 percent, the Maputo-based Bank of Mozambique said in a statement on its website today. The rate was cut by half a percentage point on Aug. 11. The bank also said it will intervene in the interbank market to ensure that money supply does not exceed 33 billion meticais ($1.22 billion) by the end of October.

Inflation in Maputo, which is tracked by the central bank, eased to 7.8 percent in September from 7.9 percent a month earlier, the statistics office said on Oct. 7. The metical has gained 20 percent against the dollar this year, the best performing currency of more than 170 currencies tracked by Bloomberg.

--Editors: Nasreen Seria, Antony Sguazzin, Emily Bowers

To contact the reporter on this story: Fred Katerere in Maputo at

To contact the editor responsible for this story: Antony Sguazzin at

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