April 13, 2012 / 5:23 PM / 8 years ago

Mozambique cuts bank rate to 13.5 percent

Workers package beer at Cervejas de Mocambique, a subsidiary of giant SAB Miller in Maputo, March 17, 2009. REUTERS/Grant Lee Neuenburg

MAPUTO (Reuters) - Mozambique’s central bank cut its key lending rate by 25 basis points to 13.5 percent on Friday to aid economic growth, saying recent inflation trends gave it room to make the move.

“The Monetary Policy Committee noted that Mozambique’s main economic and financial indicators have been evolving in line with the targets set for this year,” it said in a statement.

Inflation in the southern African country braked sharply to 3.81 percent year-on-year in March from around 15 percent a year ago.

“Based on the recent behaviour of inflation and medium-term projections, it considered that there existed monetary space for the expansion of banking credit to the private sector of the economy ... contributing in this way towards the goal of economic growth established for 2012,” it said.

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