Maputo — At its first meeting of the New Year, held on 3 January,The Bank of Mozambique has decided to leave its key interest rates unchanged.
The Bank's Monetary Policy Committee decided to keep the Standing Lending Facility (the interest rate paid by the commercial banks to the central bank for money borrowed on the Interbank Money Market) at 8.25 per cent.
The Standing Deposit Facility (the rate paid by the central bank to the commercial banks on money they deposit with it) remains at 1.5 per cent, and the Compulsory Reserves Coefficient - the amount of money that the commercial banks must deposit with the Bank of Mozambique - is also unchanged at eight per cent.
The Committee also decided that the central bank will intervene in the inter-bank markets in order to ensure that the monetary base does not exceed 45.892 billion meticais (about 1.53 billion US dollars) by the end of January.
The monetary base increased by 2.69 billion meticais in December, and reached 47.544 billion meticais at the end of the year. The statement from the Policy Committee said that this “respected the target laid down in the monetary programme for 2013”.