Friday, July 12, 2024

Credit to the economy in Mozambique reaches 11.6 billion meticais with growth of 4.1%

Credit granted by Mozambican banks to the economy grew by 4.1% up to August this year, reaching 11.6 billion meticais, according to the balance sheet of the Economic and Social Plan and State Budget (BdPESOE), published by the Ministry of Economy and Finance (MEF).
This increase is the result of the increase in the domestic and foreign currency components, totaling 7.5 billion meticais and 4.1 billion meticais, respectively. The report highlights the significant increase in bank debt by private companies and individuals, whose credit balance expanded in various sectors of economic activity.
By the end of August, the credit balance had risen significantly in various sectors, in particular credit to private individuals, totaling 10.7 billion meticais, and to the extractive industry, with 1.1 billion meticais. This scenario reflects an economic boost, in line with the recovery of economic activity in the country.
The document points out that, in annual terms, credit to the economy expanded by 5.4%, reaching almost 15.1 billion meticais. This growth is justified by the continued recovery of economic activity in the country.

According to data from the Bank of Mozambique, the country has 15 commercial banks, 12 micro-banks, credit cooperatives, savings and credit organizations, among other financial institutions, making up a diversified financial system that contributes to the country’s economic development.

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