Maputo, March 23, 2026 (Lusa) - Mozambican savings in time deposits reached their highest value in six months in January, at 304.5 billion meticais (over €4.13 billion), according to official data seen by Lusa on Monday.
According to Bank of Mozambique statistical data, these time deposits reached 264.7 billion meticais (€3.5 billion) in June 2024, rising steadily each month to a record 305.8 billion meticais (€4.14 billion) last July.
The value recorded last January was the second-highest in over a year, representing a 6.5% increase compared to the same month in 2025, according to the central bank's historical data.
Demand deposits also continued to grow, by 1% in a month, to 481.9 billion meticais (€6.53 billion) in January.
There are 15 commercial banks and 12 microbanks operating in Mozambique, as well as credit cooperatives, savings and credit organisations, among others.
On 28 January, the Bank of Mozambique cut the MIMO monetary policy interest rate for the 12th consecutive time, by 0.25 points to 9.25%, forecasting its stabilisation but warning of the effect of floods on prices.
"This decision is supported by the prospects of maintaining inflation at single digits in the medium term, despite some risks and uncertainties associated with inflation projections, the occurrence of floods and the intensification of trade and geopolitical tensions," the governor of the Bank of Mozambique, Rogério Zandamela, announced at the end of the Monetary Policy Committee (CPMO) meeting.
The benchmark interest rate in Mozambique had been set at 17.25% since September 2022 following the central bank's intervention, which then began consecutive cuts from 31 January 2024, when it was reduced to 16.5%. In March last year, the Bank of Mozambique cut it to 15.75%, with further cuts at all subsequent meetings until it reached 9.75% in September, 9.50% in November and now 9.25%.
"However, in the face of the worsening of these risks and uncertainties, the CPMO considers that the end of the MIMO rate reduction cycle started in January 2024 is approaching," Zandamela said, recalling that this downward trajectory could, in the initial forecast, last up to 36 months.
The CPMO meets again on Monday in Maputo to decide on any changes to the country's benchmark interest rate.
PVJ/LYT // ADB.
Lusa
