{"id":22642,"date":"2022-07-09T15:29:21","date_gmt":"2022-07-09T15:29:21","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-warns-of-inflationary-pressures"},"modified":"2022-07-09T15:29:21","modified_gmt":"2022-07-09T15:29:21","slug":"central-bank-warns-of-inflationary-pressures","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-warns-of-inflationary-pressures","title":{"rendered":"Central Bank warns of inflationary pressures"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The Bank of Mozambique on Thursday warned of continuing inflationary pressures that could push Mozambique\u2019s annual inflation rate to more than ten per cent.<\/p>\n

A senior central bank official, Emilio Rungo, briefing reporters on monetary policy, said that exogenous factors are weakening the Mozambican economy and pushing prices up. Nonetheless, he pledged that the Bank will work towards ensuring low and stable inflation, taking opportune decisions that will influence interest rates.<\/p>\n

The chance of keeping inflation to below ten per cent a year seem slim, since the latest figure was that annual inflation has already reached over nine per cent.<\/p>\n

Rungo said that, within the next month or so, the Bank\u2019s Monetary Policy Committee (CPMO) will meet to assess the current situation of generalised price rises, and take adequate measures to hold back inflation (presumably by increasing interest rates, since that is the main weapon in the CPMO\u2019s armoury).<\/p>\n

As for the impact of the Russian invasion of Ukraine, Rungo said there was little direct impact since Russia and Ukraine account for only about one per cent of Mozambique\u2019s foreign trade. That figure, however, does not include either grain or fuel.<\/p>\n

\u201cThere is an indirect effect of the war on the Mozambican economy\u201d, said Rungo, \u201carising from the increase in the prices of fuel and other commodities on the international market\u201d.<\/p>\n

As for economic growth, Rungo said the government\u2019s forecast is for a growth this year of around three per cent in the gross domestic product, sustained mainly by the energy projects at Temane in the southern province of Inhambane, and in the Rovuma Basin, off the coast of the northern province of Cabo Delgado.<\/p>\n

Rungo was optimistic that the recently announced resumption of support for the Mozambican economy from the International Monetary Fund (IMF) will help strengthen the state budget, alleviate the public debt, and relax the pressure on the exchange rate of the Mozambican currency, the metical.<\/p>\n

As for the remarkable stability over the past few months of the exchange rate of the metical against the US dollar, Rungo explained this by \u201ca relative comfort in the exchange market, explained by confidence and the flows of foreign exchange expressed in a balance between supply and demand\u201d.<\/p>\n

He insisted that the current exchange rate is determined by the laws of supply and demand.<\/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 Bank of Mozambique on Thursday warned of continuing inflationary pressures that could push Mozambique\u2019s annual inflation rate to more than ten per cent. A senior central bank official, Emilio Rungo, briefing reporters on monetary policy, said that exogenous factors are weakening the Mozambican economy and pushing prices up. Nonetheless, he pledged […]<\/p>\n","protected":false},"author":84,"featured_media":22641,"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-22642","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":"\nCentral Bank warns of inflationary pressures - Mozambique<\/title>\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\/central-bank-warns-of-inflationary-pressures\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central Bank warns of inflationary pressures\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Mozambique. The Bank of Mozambique on Thursday warned of continuing inflationary pressures that could push Mozambique\u2019s annual inflation rate to more than ten per cent. A senior central bank official, Emilio Rungo, briefing reporters on monetary policy, said that exogenous factors are weakening the Mozambican economy and pushing prices up. 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