An update to Notice no. 7/GGBM/2003, of January 14, requires financial institutions to report all credit operations to the Central Credit Registry (CRC) within 24 hours of the creation, granting/disbursement or renewal of the limit, constitution of the guarantee or completion of the operation. The revision of the instrument arises from the understanding of...
The Bank of Mozambique (BdM) and the Mozambican Banking Association (AMB) set the Prime Rate for credit institutions for April at 22.70%, lowering it for the second month running. For the current month, the two institutions have set the Prime Rate at 23.10%, compared to 23.50% in February. According to...
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 figures, there was an increase in private indebtedness over the same period. A statistical report by the Bank of Mozambique, quoted by the Portuguese website Visão, states that credit to the economy granted by banks...
The governor of the Bank of Mozambique said on Wednesday that the national banking sector is "solid and well capitalized", but warned that non-performing loans remain at high levels, pointing out that in September the ratio stood at 9.1% against 9.3 in the same month last year. "The national banking sector remains solid...
The prime rate for credit operations in Mozambique will remain unchanged in October, for the fourth consecutive month, at 24.10%, the Mozambican Banking Association (AMB) said today. The prime rate had been falling since 2018, to a low of 15.5% in February 2021, when...
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 Credit Statistics for the Economy. Meanwhile, in the same period, credit to families increased by 21%. Overall, says the source, the...
Banks' credit to the national economy grew by 7.8% up to last May, year-on-year, to more than 298.182 billion meticais, with the largest share going to private individuals, according to official figures. According to a statistical report by the Bank of Mozambique, consulted today by Lusa, in May 2022 the volume of credit granted by banks...
The recent downgrade of Mozambique's rating by Standard & Poor's shows that the country's credit still has "substantial risk" due to debt and poor governance, among other factors, Oxford Economics Africa said yesterday. Oxford Economics Africa analysts, quoted by Lusa, wrote that: "although Mozambique's rating...
Hidroeléctrica de Cahora Bassa (HCB) clarified to Lusa yesterday that the 225 million euro credit it has available for investments will only be used if necessary and within the scope of good management practices. The amounts "can be disbursed if the company needs it and deems it necessary during the implementation of Capex Vital", a...
The International Monetary Fund (IMF) may approve a $175 million emergency credit to prevent the collapse of Malawi's economy. This is a quick credit, which provides quick concessional financial assistance to low-income countries facing an urgent balance of payments need, without conditionality. The fund, was established...