Mozambique slashes rates to 13.25%

bank-of-mozambique

Mozambique’s central bank cut its policy rate by 100 basis points to 13.25%, it announced on June 19, citing four consecutive months of falling inflation.

This is the Bank of Mozambique’s first rate cut in 2019, but it has cut policy rates by 1,000bp since April 2017. Mozambique saw a sharp spike in inflation that reached 26% in November 2016. But has since declined, reaching 2.4% last month from 2.2% in April.

The central bank’s statement said the drivers of falling inflation had included

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