Mozambique: Bank credit to economy in May up 7.8% on year to €4.16B – cenbank

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Mozambique: Bank credit to economy in May up 7.8% on year to €4.16B – cenbank

12:50 CAT | 25 Jul 2023

File photo: Lusa

Mozambique banks’ credit to the economy in May was up 7.8% year-on-year, at more than 298.182 billion meticais (€4.160 billion), with the largest share going to individuals, official data indicate.

According to a statistical report by the country’s central bank, the Bank of Mozambique, consulted on Tuesday by Lusa, in May 2022 the volume of credit granted by banks to the national economy had totalled 276.589 billion meticais (€3.858 billion), of which 57.695 billion meticais (€804 million) had been specifically granted to private individuals.

Credit to private individuals in May was up more than 46% in a year, to 84.686 billion meticais (€1.182 billion), the same data show.

Of the total credit granted to May 2023 to the economy by banks operating in Mozambique, agricultural projects and activities had 7.440 million meticais (€103.8 billion), in the extractive industry with 7.862 billion meticais (€109.7 million) and in the manufacturing industry with 38.275 million meticais (€534.2 million).

In construction and public works, loans totalled 15.681 million meticais (€218.8 million), trade 32.362 billion meticais (€451.6 million), and transport and communications 34.151 billion meticais (€476.6 million), among other sectors.

According to central bank data, 15 commercial banks and 12 microbanks operate in Mozambique, as well as credit cooperatives and savings and credit organisations, among others.

Source: Lusa