Maputo, Jan. 5, 2026 (Lusa) - The stock of credit to the Mozambican economy increased slightly in October, approaching a new record, reaching 292.635 billion meticais (€3.92 billion), according to official data compiled on Monday by Lusa.
According to the latest statistical report from the Bank of Mozambique, this stock in October contrasts with the 289.301 billion meticais (€3.876 billion) in the same month of 2024 and is close to the peak of 292.807 billion meticais (€3.923 billion) recorded last May, compared to 292.376 billion meticais (€3.917 billion) in the previous month, September.
Central bank data indicate that credit to individuals continued to lead in October, with 104.094 billion meticais (€1.3947 billion).
This was followed by the transport and communications sector, where total bank lending reached 25.185 billion meticais (€337 million) that month, and manufacturing, with 23.168 billion meticais (€310.5 million). Trade accounted for 23,692 million meticais (€317.5 million) in October.
The reference interest rate for credit in Mozambique fell again in January, by 0.10 percentage points, to 15.70%, according to the Mozambican Association of Banks (AMB).
Since January 2024, the rate, known as the “prime rate”, has been falling steadily after six consecutive months at a high of 24.1%.
Fluctuations in the prime rate are linked to the monetary policy interest rate (MIMO rate, which influences the formula for calculating the prime rate) set by the central bank to control inflation. In August, it had fallen to 17.20% and in September to 16.5%, remaining unchanged during the month of October by decision of the AMB, despite the fact that, days earlier, on 29 September, the Monetary Policy Committee (CPMO) of the Bank of Mozambique had cut the MIMO monetary policy interest rate for the tenth consecutive day, by 0.50 percentage points, to 9.75%.
In November, the AMB cut the interest rate to 16%, in December to 15.80% and in January to 15.70%.
Previously, on 14 November, the Bank of Mozambique cut the MIMO monetary policy interest rate for the 11th consecutive time, by 0.25 percentage points, to 9.5%, despite concerns about delays in public debt payments.
"This modest reduction reflects the worsening risks and uncertainties associated with inflation projections, particularly the delay in the payment of domestic public debt instruments by the State. The inflation outlook remains in single digits in the medium term. In October 2025, annual inflation stood at 4.8% after 4.9% in September," announced central bank governor Rogério Zandamela after the last CPMO meeting of 2025.
The key interest rate in Mozambique had been set at 17.25% since September 2022, following the intervention of the central bank, which then began consecutive cuts from 31 January 2024, when it reduced it to 16.5%. In March last year, the Bank of Mozambique cut it to 15.75%, which was repeated at all subsequent meetings, reaching 9.75% in September and 9.5% in November.
The CPMO meets every two months and the next meeting is scheduled for 28 January 2026.
PVJ/AYLS // AYLS
Lusa
