Commercial banks maintained the reference interest rate at 19% in February. The decision comes after the Bank of Mozambique reduced the monetary policy interest rate from 12.75% to 12.25% and the reserve requirement ratio from 39% to 29%.
The unchanged interest rate is used in variable interest rate credit operations, i.e. it applies to credit operations contracted (new, renewals and renegotiations) between credit institutions and financial companies and their customers, plus a margin (spread) which will be added to or subtracted from the rate, depending on the risk analysis of each specific credit category or operation. (Source: The Country)
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