{"id":27323,"date":"2022-10-05T15:45:53","date_gmt":"2022-10-05T15:45:53","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/consultant-sees-mozambiques-central-bank-raising-interest-rate-again-in-november"},"modified":"2022-10-05T15:55:00","modified_gmt":"2022-10-05T15:55:00","slug":"consultant-sees-mozambiques-central-bank-raising-interest-rate-again-in-november","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/consultant-sees-mozambiques-central-bank-raising-interest-rate-again-in-november","title":{"rendered":"Consultant sees Mozambique\u2019s central bank raising interest rate again in November"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The consultancy Oxford Economics Africa suggested on Tuesday that Mozambique\u2019s central bank may further increase the reference interest rate, to 17.75%, at its November meeting, in response to the rise in inflation.<\/p>\n

\u201cWe expect inflation to continue to rise, to 12.4% in the fourth quarter of this year compared to the same period last year, which could possibly trigger a further hike in the monetary policy interest rate (MIMO rate) of 50 basis points at the next meeting on monetary policy on November 30th,\u201d the analysts write.<\/p>\n

In a bulletin on Mozambique sent to investors, Oxford Economics Africa says that \u201cthe most recent decision of the monetary policy committee suggests that they [the Bank of Mozambique] expect inflation to remain in double digits for the coming months\u201d, in line with the consultant\u2019s forecast of an increase in prices above 12% this year.<\/p>\n

On Friday, the Monetary Policy Committee (CPMO) of the Bank of Mozambique decided to increase the MIMO rate by two percentage points, from 15.25% to 17.25%, on the basis of inflation and the international context.<\/p>\n

\u201cThe measure aims to ensure the return of inflation to single digits, in the medium term,\u201d regulator said, adding: \u201cIt is expected that the price volatility of energy and food products will continue at international level, given the extension of the conflict between Russia and Ukraine, with the potential to trigger a spiral of sustained domestic price increases\u201d.<\/p>\n

Mozambican international reserves have \u201cfallen consistently, from US$3.56 billion in July 2021 to US$2.83 billion in July this year, with the central bank intervening in the foreign exchange market to stabilise the metical exchange rate at 63.83 per dollar\u201d the analysts note, warning that \u201ca continued drop in real interest rates could lead to capital outflows, which would put further pressure on international reserves and undermine the central bank\u2019s ability to maintain the exchange rate\u201d.<\/p>\n

Year-on-year inflation in Mozambique stood at 12.1% in August, its highest value in the last four years and 11 months, according to National Statistics Institute (INE) figures.<\/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 consultancy Oxford Economics Africa suggested on Tuesday that Mozambique\u2019s central bank may further increase the reference interest rate, to 17.75%, at its November meeting, in response to the rise in inflation. \u201cWe expect inflation to continue to rise, to 12.4% in the fourth quarter of this year compared to the same […]<\/p>\n","protected":false},"author":84,"featured_media":27322,"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-27323","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":"\nConsultant sees Mozambique\u2019s central bank raising interest rate again in November - Mozambique<\/title>\n<meta name=\"description\" content=\"The 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