The volume of credit to the Mozambican economy fell in November to 277.9 billion meticais, the sixth monthly drop. Even so, according to official data, there was a growing indebtedness of private individuals in the same period.

A statistical report by the Bank of Mozambique, quoted by the Portuguese portal VisionThe report says that credit to the economy granted by the banks had risen in May to a maximum of 298.1 billion meticais, but since then it has been falling, having accumulated a drop of almost 1% from October to November.

The same document points out that in August, this amount stood at 295.1 billion meticais, having suffered the biggest drop of the year in September, equivalent to a reduction in 'stock' of 2%, and a further 0.8% in October.

"At the end of November the average interest rate on new loan operations stood at 22.85% for companies, 26.04% for consumption and 25.35% for house purchases," reads the central bank document, noting that the largest share of the volume of credit to the economy in November continued to be that relating to private individuals, which stood at 85.2 billion meticais, which continues to grow monthly and has increased by 3.8% in just over a year, compared to 82.1 billion meticais in October 2022.

Meanwhile, trade saw its total credit granted fall again in November, to 27.6 billion meticais, while manufacturing fell to 26.3 billion meticais.