Maputo — The Confederation of Mozambican Business Associations (CTA), which represents the country's employers, has protested at the high interest rates practiced by the commercial banks.
During a meeting in Maputo on Tuesday between the CTA and the Bank of Mozambique to discuss the monetary policy measures taken by the central bank, the CTA accused the commercial banks of failing to follow the lead given by the Bank of Mozambique in reducing interest rates. The CTA points out that, since April 2017 the central bank has cut its benchmark interest rate by 600 base points, but the rates charged by the commercial banks have only fallen by 300 base points.
...