{"id":40239,"date":"2023-06-07T11:01:54","date_gmt":"2023-06-07T11:01:54","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-keeps-mimo-rate-at-17-25-and-hikes-reserve-requirement-ratios"},"modified":"2023-06-07T11:11:24","modified_gmt":"2023-06-07T11:11:24","slug":"central-bank-keeps-mimo-rate-at-17-25-and-hikes-reserve-requirement-ratios","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-keeps-mimo-rate-at-17-25-and-hikes-reserve-requirement-ratios","title":{"rendered":"Central Bank keeps MIMO rate at 17.25% and hikes reserve requirement ratios"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The Bank of Mozambique \u2013 the country\u2019s central bank \u2013 this Wednesday (31-05) left unchanged the monetary policy interest rate (MIMO rate) at 17.25%, and increased the reserve requirement ratios of commercial banks. The measures aim at keeping inflation under control, a statement<\/b> explains.<\/p>\n

According to the bank\u2019s Monetary Policy Committee (CPMO), the decision to keep the MIMO rate at the level to which it rose eight months ago \u201cis supported by the prevalence of high risks and uncertainties associated with the projections, despite the prospects of single-digit inflation in the medium term\u201d.<\/p>\n

On the other hand, the regulator decided to raise the reserve requirement ratios (RRR) for liabilities in local currency from 28% to 39%, and in foreign currency from 28.5% to 39.5%, \u201cwith a view to absorbing excessive liquidity in the banking system, with the potential to generate inflationary pressure\u201d.<\/p>\n

Year-on-year inflation in the country slowed down in April to 9.6%, the lowest value in 12 months, thanks to the reduction in food prices on the international market, in a context of favourable exchange rate evolution.<\/p>\n

Nonetheless, the central bank\u2019s CPMO presents as risks \u201cthe pressure on public expenditure, in a context of weak revenue collection\u201d and \u201cuncertainties regarding the evolution of the price of administered goods, especially fuel\u201d.<\/p>\n

Externally, uncertainty is mainly related to the war in Ukraine and its effects on world markets.<\/p>\n

\u201cFor the medium term, the prospects for single-digit inflation are consolidated, resulting from the impact of the measures that have been taken by the CPMO\u201d and provided that there is \u201cmaintenance of exchange rate stability and the tendency to reduce the prices of import goods in the international market\u201d, the statement explains.<\/p>\n

The CPMO nevertheless maintains the prospects of moderate economic growth, after announcing economic growth of 4.2% in the first quarter, \u201cessentially reflecting the good performance of the extractive industry\u201d.<\/p>\n

The CPMO also points out in the note that \u201cdomestic public debt has increased\u201d, now standing \u201cat 302.8 billion meticais, which represents an increase of 27.7 billion meticais compared to December 2022\u201d.<\/p>\n

The next ordinary meeting of the CPMO is scheduled for July 26th.<\/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 \u2013 the country\u2019s central bank \u2013 this Wednesday (31-05) left unchanged the monetary policy interest rate (MIMO rate) at 17.25%, and increased the reserve requirement ratios of commercial banks. The measures aim at keeping inflation under control, a statement explains. According to the bank\u2019s Monetary Policy Committee (CPMO), […]<\/p>\n","protected":false},"author":84,"featured_media":40238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-40239","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":"\nCentral Bank keeps MIMO rate at 17.25% and hikes reserve requirement ratios - Mozambique<\/title>\n<meta name=\"description\" content=\"The Bank of Mozambique \u2013 the country\u2019s central bank \u2013 this Wednesday (31-05) left unchanged the monetary policy interest ...\" \/>\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-keeps-mimo-rate-at-17-25-and-hikes-reserve-requirement-ratios\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central Bank keeps MIMO rate at 17.25% and hikes reserve requirement ratios\" \/>\n<meta property=\"og:description\" content=\"The Bank of Mozambique \u2013 the country\u2019s central bank \u2013 this Wednesday (31-05) left unchanged the monetary policy interest ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-keeps-mimo-rate-at-17-25-and-hikes-reserve-requirement-ratios\" \/>\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=\"2023-06-07T11:01:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-07T11:11:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/06\/sm_1686119955.693068.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1007\" \/>\n\t<meta property=\"og:image:height\" content=\"612\" \/>\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\/central-bank-keeps-mimo-rate-at-17-25-and-hikes-reserve-requirement-ratios#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-keeps-mimo-rate-at-17-25-and-hikes-reserve-requirement-ratios\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Central Bank keeps MIMO rate at 17.25% and hikes reserve requirement ratios\",\"datePublished\":\"2023-06-07T11:01:54+00:00\",\"dateModified\":\"2023-06-07T11:11:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-keeps-mimo-rate-at-17-25-and-hikes-reserve-requirement-ratios\"},\"wordCount\":365,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-keeps-mimo-rate-at-17-25-and-hikes-reserve-requirement-ratios#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/06\/sm_1686119955.693068.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\/central-bank-keeps-mimo-rate-at-17-25-and-hikes-reserve-requirement-ratios#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-keeps-mimo-rate-at-17-25-and-hikes-reserve-requirement-ratios\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-keeps-mimo-rate-at-17-25-and-hikes-reserve-requirement-ratios\",\"name\":\"Central Bank keeps MIMO rate at 17.25% and hikes reserve requirement ratios - 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