FNB Moçambique outlines resilient strategy amidst challenging 2024 financial performance
Single interest rate for loans opens at 27.75 percent – Mozambique
6:10 CAT | 06 Jun 2017
The June unitary interest rate for the Mozambican financial market is set at 27.75 percent.
The prime rate was agreed on May 17 between the Bank of Mozambique and the Mozambican Association of Banks.
To eliminate the proliferation of interest rates, all credit operations now have to be based on the single interest rate, “plus a spread, which will be added to or subtracted from the prime rate through the risk analysis” of each contract.
“What we have just witnessed is an important step towards the realisation of reforms introduced more than 20 years ago regarding the determination of interest rates,” central bank governor Rogério Zandamela said when the measure was announced in May.
The single rate, which imposes a uniform reference on the formation of the interest rate on credit operations, is in line with good international practice.
Source: Lusa
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