The Bank of Mozambique raised its key lending rate by 100 basis points to 16.5%. The Bank also raised the interest rate paid on deposits by 100 basis points to 5%, and lifted the required reserve rate by 25 basis points to 9%, with the changes coming into effect on the 7th of February 2011. The Bank noted the moves were intended to be counter-cyclical, to mitigate price rises this year.
www.CentralBankNews.info
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