Mozambique: Credit to economy rises to €4.2B in July – central bank

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Mozambique: Credit to economy rises to €4.2B in July – central bank

8:08 CAT | 12 Sep 2023

FILE - For illustration purposes only. [File photo: Lusa]

Credit from Mozambican banks to the economy has increased by 4% since the beginning of the year, ending July at 288.235 billion meticais (€4.209 billion), according to data from the Bank of Mozambique compiled by Lusa on Monday.

A September statistical report from the Bank of Mozambique, consulted today by Lusa, states that credit to the economy stood at 276.943 billion meticais (€4.044 billion) at the end of December.

Of the total known up to the end of July, credit to private companies grew by 2.5% cent since the beginning of the year, to 134.118 billion meticais (€1.958 billion).

According to the same report, net credit to the government fell 11.5% since the beginning of the year, to 155.105 billion meticais (2.265 billion) in July.

The report also indicates that deposits in Mozambican banks have fallen by 1% since the beginning of the year, to around 578.358 million meticais (8.445 million euros) in July.

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

Source: Lusa