{"id":17062,"date":"2022-03-31T15:21:51","date_gmt":"2022-03-31T15:21:51","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-hikes-key-rate-to-near-four-year-high-bloomberg"},"modified":"2022-03-31T15:26:49","modified_gmt":"2022-03-31T15:26:49","slug":"mozambique-hikes-key-rate-to-near-four-year-high-bloomberg","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-hikes-key-rate-to-near-four-year-high-bloomberg","title":{"rendered":"Mozambique hikes key rate to near four-year high \u2013 Bloomberg"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The Banco de Mo\u00e7ambique raised the rate to 15.25% from 13.25%, Governor Rogerio Zandamela told reporters Wednesday in Maputo, the capital. That\u2019s the first increase since last January and takes the rate to the highest since June 2018, when it was 15.75%.<\/p>\n

While annual inflation slowed in February, fuel costs have since increased to a record fanned by sanctions on Russia and the war in Ukraine, heightening risks of a surge in consumer prices in coming months. The net wheat importer also faces price pressures on food due to severe cyclones that devastated agricultural fields and a spike in the cost of the grain since the war started. Ukraine and Russia ship more than a quarter of the world\u2019s wheat, and the fighting has halted shipments.<\/p>\n

The MPC sees inflation accelerating in the short to medium term and revised its forecasts upward, Zandamela said without providing details.<\/p>\n

Fitch Ratings said this month it expects inflation to average 8.5% this year on the back of higher oil and food prices.<\/p>\n

The monetary authority had room to move as the pace of recovery in the economy has gained momentum. Mozambique\u2019s gross domestic product is projected to expand by 5.3% this year, according to an October forecast from the International Monetary Fund. That\u2019s more than double the growth rate forecast for 2021, with output set to rebound from a pandemic-induced slump and natural gas exports due to start in the second-half of the year.<\/p>\n

Mozambique\u2019s move comes as emerging markets from Egypt to Ghana raise borrowing costs to curb runaway inflation and attract investors seeking higher yields due to the war in Ukraine and the U.S. Federal Reserve pivoting toward more aggressive rate hikes to fend off mounting price pressures.<\/p>\n

The yield on Mozambique\u2019s dollar bond maturing in 2031 fell 5 basis points to 10.59% at 2.54 p.m. in London.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. The Banco de Mo\u00e7ambique raised the rate to 15.25% from 13.25%, Governor Rogerio Zandamela told reporters Wednesday in Maputo, the capital. That\u2019s the first increase since last January and takes the rate to the highest since June 2018, when it was 15.75%. While annual inflation slowed in February, fuel costs have since […]<\/p>\n","protected":false},"author":84,"featured_media":17061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-17062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nMozambique hikes key rate to near four-year high \u2013 Bloomberg - Mozambique<\/title>\n<meta name=\"description\" content=\"The Banco de Mo\u00e7ambique raised the rate to 15.25% from 13.25%, Governor Rogerio Zandamela told reporters Wednesday in Ma ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-hikes-key-rate-to-near-four-year-high-bloomberg\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mozambique hikes key rate to near four-year high \u2013 Bloomberg\" \/>\n<meta property=\"og:description\" content=\"The Banco de Mo\u00e7ambique raised the rate to 15.25% from 13.25%, Governor Rogerio Zandamela told reporters Wednesday in Ma ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-hikes-key-rate-to-near-four-year-high-bloomberg\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-31T15:21:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-31T15:26:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/03\/img-6245c81f040f2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"405\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-hikes-key-rate-to-near-four-year-high-bloomberg#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-hikes-key-rate-to-near-four-year-high-bloomberg\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mozambique hikes key rate to near four-year high \u2013 Bloomberg\",\"datePublished\":\"2022-03-31T15:21:51+00:00\",\"dateModified\":\"2022-03-31T15:26:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-hikes-key-rate-to-near-four-year-high-bloomberg\"},\"wordCount\":326,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-hikes-key-rate-to-near-four-year-high-bloomberg#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2022\/03\/img-6245c81f040f2.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-hikes-key-rate-to-near-four-year-high-bloomberg#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-hikes-key-rate-to-near-four-year-high-bloomberg\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-hikes-key-rate-to-near-four-year-high-bloomberg\",\"name\":\"Mozambique hikes key rate to near four-year high \u2013 Bloomberg - 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