Mozambique: Bank of Mozambique Cuts Interest Rate

Maputo — Meeting in Maputo on Monday, the Monetary Policy Committee of the Bank of Mozambique (CPMO) decided to cut the bank’s reference interest rate, known as the MIMO rate, from 14.25 to 13.5 per cent.

This is the fifth cut in interest rates in the space of a year. In March, the MIMO rate was cut to 15.75 per cent, in May to 15 per cent and in July to 14.25 per cent.

In its press release announcing the decision, the CPMO said it was cutting interest rates again because of “the continued…