Mozambique Extends Rate Cut Record Streak as Growth Stalls

Mozambique’s central bank cut rates for an eighth straight meeting, extending its longest unbroken easing cycle since it introduced the so-called Mimo rate in 2017.

The Banco de Moçambique reduced its benchmark rate, known by its Portuguese acronym Mimo, to 11.75% from 12.25%, Governor Rogerio Zandamela said in a statement Wednesday. Consumer price growth will remain in single digits for the medium term, he said.