Mozambique Cuts Rate to Record Low to Aid Recession Economy

Mozambique’s central bank cut its benchmark interest rate to a record low to support an economy that’s in a recession and signaled that it would continue to ease.

The Banco de Moçambique lowered the rate, known by its Portuguese acronym Mimo, to 9.75% from 10.25%, Governor Rogério Zandamela said Monday. The central bank will keep moderating the key rate, but the pace and scope of the easing will be determined by inflation data, he said.