Credit granted to companies fell by just over 6% in June compared to the same month last year, reports the newspaper "O País", citing the Bank of Mozambique's report on Statistics on Credit to the Economy.

However, in the same period, credit to households increased by 21%.

Overall, the source said, bank loans increased in June this year from around 276 billion Meticais in 2022 to just over 297 billion Meticais in June last year.

However, the credit requested by companies in June of this year was lower than that requested in the same month of 2022, a reduction of around 11 billion Meticais, i.e. from 168.3 to 157 billion.

The sector that obtained the most credit in June this year was the manufacturing industry with 33 billion, equivalent to around 13%, followed by transport and communications with 12.1%

Household bank loans for consumption and housing increased in June this year compared to June 2022.

This is a considerable rise from 21% to 92.1 billion Meticais.

Still citing the report, the newspaper writes that the interest rates charged by financial institutions for loans last June ranged from 18.9 to 31.2 %.

In turn, deposit interest rates for customer remuneration varied between 6.79 and 12.11 percent, with the minimum rate being maintained and the high rate for remuneration of loans reduced.