Mozambique central bank cuts key rate for third meeting in a row

BY Reuters | ECONOMIC | 05/27/24 10:13 AM EDT

May 27 (Reuters) - Mozambique's central bank cut its MIMO interest rate by 75 basis points to 15.00%, the third meeting in a row at which the rate has been reduced, the bank said on Monday.

The bank's Monetary Policy Committee said in a statement that the decision was based on favourable forecasts while trying to keep inflation in single digits in the medium term.

The southern African country's inflation edged up to 3.26% year on year in April from 3.03% in March, statistics agency data showed this month. (Reporting by Tannur Anders Editing by Alexander Winning)

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