Bank of Mozambique hikes policy rate by 300 basis points

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Bank of Mozambique. Photo: J Cornelius

The Bank of Mozambique became the first central bank to increase policy rates in 2021 as it announced a sharp increase on January 27.

The central bank’s Monetary Policy Committee increased the primary interest rate by 300 basis points from 10.25% to 13.25%. The decision marks the first time the central bank has raised its policy rate since 2017.

The central bank also announced increases in the deposit lending facility and marginal lending facility rates. Its reserve requirements for commercial

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