Credit granted by banks fell to 270.1 billion meticais last December, marking the seventh monthly reduction in 2023 and highlighting the increase in private indebtedness.
In a statistical report released by the Bank of Mozambique (BdM) on Wednesday, March 6, it was noted that credit to the economy peaked in May of the previous year, at 298.1 billion meticais.
According to the same document, the figure fell to 295.1 billion meticais in August, and suffered the biggest drop of the year in September, with a 2% reduction in the stock, followed by a further drop of 0.8% in October.
In addition, the average interest rate on new loans at the end of December stood at 22.67% for companies, 26.05% for consumption and 23.14% for one-year house purchases.
It should be noted that most of the credit to the economy in December went to private individuals, totaling 86.6 billion meticais, showing continuous monthly growth and an increase of 23% over the year.
Meanwhile, the trade sector saw a slight increase in total credit granted, reaching almost 28.1 billion meticais, while the manufacturing industry fell back to just over 23.4 billion meticais.
The Bank of Mozambique points out that the country is managed by 15 commercial banks, 12 micro-banks, as well as credit cooperatives and savings and credit organizations.
