Tuesday, August 12, 2014

Mozambique maintains rate on positive inflation outlook

    Mozambique's central bank maintained its benchmark standing facility rate at 8.25 percent in light of a positive outlook for inflation due to a greater supply of fruits and vegetables and the stable exchange rate of the metical currency.
    The Bank of Mozambique, which has kept its rate steady since October 2013, said it would intervene in the interbank markets to maintain the monetary base at 52.758 billion metical in August, up from a target of 50.471 billion in July.
    Mozambique's headline inflation rate rose to 2.95 percent in July from 2.75 percent in June and the country's net international reserves (NIR) rose by US$ 54.4 million to $3.233 billion at the end of July, the equivalent of 4.5 months of imports.
    The metical was quoted at 30.25 to the U.S. dollar today, up from 30.65 at the end of June but slightly down from 30.00 at the start of the year.



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