Credit to the Mozambican economy reverses eight months of falls in February
The credit 'stock' for the economy in Mozambique recorded its first slight increase in February, to 271,948 million meticais (3,986 million euros), after eight consecutive months of decline, according to official data compiled today by Lusa.
© Lusa
Economia Crédito
According to data from the latest statistical report by the Bank of Mozambique, credit to the economy granted by banks had risen last May to a maximum of 298,182 million meticais (4,303 million euros), but since then it has been falling, having accumulated a 2.2% drop from December to January alone, when it reached 271,183 million meticais (3,975 million euros).
The same report states that at the end of February the average interest rate on new loan operations stood at 22.87% for companies, 29.65% for consumption and 21.50% for home purchases, despite the decline in the base rate to 23.50%.
The largest share of the 'stock' of credit to the economy in February continued to be that relating to individuals, which stood at 88,447 million meticais (1,296 million euros), continuing to grow monthly.
Trade, on the other hand, saw the total credit granted fall again, to 24,483 million meticais (358.8 million euros), while manufacturing industry fell to just over 21,595 million meticais (316.5 million euros) and transport and communications fell to 27,212 million meticais (399 million euros).
According to data from the central bank, 15 commercial banks and 12 microbanks operate in Mozambique, in addition to credit cooperatives and savings and credit organizations, among others.
Read Also: Profit of the three largest Mozambican banks grew by 6% in 2023 (Portuguese version)
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