{"id":31832,"date":"2023-01-04T06:39:05","date_gmt":"2023-01-04T06:39:05","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-growth-set-to-accelerate-to-8-4pct-in-2023"},"modified":"2023-01-04T06:39:05","modified_gmt":"2023-01-04T06:39:05","slug":"credit-growth-set-to-accelerate-to-8-4pct-in-2023","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-growth-set-to-accelerate-to-8-4pct-in-2023","title":{"rendered":"Credit growth set to accelerate to 8.4pct in 2023"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The concession of loans in Mozambique grew by an estimated 5% in 2022, and is set to swell by a further 8.4% this year, below the average growth of the previous decade, of 11.4%, according to Fitch Solutions, a financial consultancy.<\/p>\n

\u201cWe see credit [interest] rates falling during 2023, encouraging borrowing by households and businesses; at the same time, we anticipate that the slowdown in credit on domestic public debt will reduce government intervention, giving banks more room to lend to the private sector,\u201d write the analysts at the consultancy, which is part of the same group as credit rating agency Fitch Ratings.<\/p>\n

In a note on the evolution of bank credit, sent to clients and which Lusa has seen, Fitch Solutions notes that, even with the forecast growth of 8.4% this year, growth in loans \u201cwill remain below the historical average of 11.4% between 2012 and 2021, which is linked to the fact that the relatively high rate of non-performing loans is keeping banks cautious when it comes to lending money.\u201d<\/p>\n

The increase in loans to customers is also related to the foreign aid that has been available to Mozambique in recent quarters, first with the financial agreement reached with the International Monetary Fund last May for $456 million (\u20ac433.2 million), and then with the grant of $300 million (\u20ac285 million) from the World Bank in July.<\/p>\n

According to Fitch Solutions, lending volume is estimated to have risen by some 5% last year to 279.9 billion meticais (\u20ac4.1 billion), from 266.6 billion meticais (almost \u20ac4 billion) in 2021.<\/p>\n

\u201cIn 2023, we see loan growth accelerating to 8.4%, and we anticipate that inflation will slow from an average of 9.5% in 2022 to 8.3% this year, which means that interest rates should fall in 2023, mainly because the Bank of Mozambique will continue to keep its key rate at 17.25%, encouraging a rise in borrowing by households and businesses,\u201d the note concludes.<\/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 concession of loans in Mozambique grew by an estimated 5% in 2022, and is set to swell by a further 8.4% this year, below the average growth of the previous decade, of 11.4%, according to Fitch Solutions, a financial consultancy. \u201cWe see credit [interest] rates falling during 2023, encouraging borrowing by […]<\/p>\n","protected":false},"author":84,"featured_media":31831,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-31832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nCredit growth set to accelerate to 8.4pct in 2023 - 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\/credit-growth-set-to-accelerate-to-8-4pct-in-2023\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit growth set to accelerate to 8.4pct in 2023\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Mozambique. The concession of loans in Mozambique grew by an estimated 5% in 2022, and is set to swell by a further 8.4% this year, below the average growth of the previous decade, of 11.4%, according to Fitch Solutions, a financial consultancy. \u201cWe see credit [interest] rates falling during 2023, encouraging borrowing by […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-growth-set-to-accelerate-to-8-4pct-in-2023\" \/>\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=\"2023-01-04T06:39:05+00:00\" \/>\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\/credit-growth-set-to-accelerate-to-8-4pct-in-2023#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-growth-set-to-accelerate-to-8-4pct-in-2023\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Credit growth set to accelerate to 8.4pct in 2023\",\"datePublished\":\"2023-01-04T06:39:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-growth-set-to-accelerate-to-8-4pct-in-2023\"},\"wordCount\":316,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-growth-set-to-accelerate-to-8-4pct-in-2023#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/01\/postQueueImg_1672801754.81.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-growth-set-to-accelerate-to-8-4pct-in-2023#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-growth-set-to-accelerate-to-8-4pct-in-2023\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/credit-growth-set-to-accelerate-to-8-4pct-in-2023\",\"name\":\"Credit growth set to accelerate to 8.4pct in 2023 - 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