Mozambique Ends Record Rate-Cutting Streak as War Clouds Outlook

Mozambique’s central bank ended a record rate-cutting streak that lasted more than two years as rising government debt and the Iran war cloud the southeast African nation’s inflation outlook.

The Banco de Moçambique held the benchmark rate, known by its Portuguese acronym Mimo, at 9.25%, Governor Rogerio Zandamela told reporters in Maputo, the capital. That’s the first meeting at which the bank didn’t cut the rate since November 2023, when it held it at 17.25%.