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Mozambique’s central bank reduced its main interest rate by 75 basis points on Wednesday, marking the sixth consecutive cut, as inflation remains low in the southern African nation.
The MIMO rate was lowered to 12.75% from 13.50%. Inflation has stayed under 3% since July, registering 2.68% year-on-year in October.
The Bank of Mozambique stated that this latest move aligns with its goal of maintaining single-digit inflation in the medium term, despite uncertainties arising from post-election protests and their potential effect on prices.
