Mozambicans’ savings continue to rise steadily, reaching in May this year the highest-ever value in term deposits: 302,564 million meticais. According to Bank of Mozambique data compiled by Lusa, this is a 15% increase on June 2024, when the amount was 264,709 million meticais.
The same trend is visible in demand deposits, which rose from 377,783 million meticais in June 2024 to 440,409 million meticais in May 2025, an increase of 16.5%. The Mozambican financial system currently comprises 15 commercial banks and 12 microbanks, as well as cooperatives and credit and savings organisations.
On monetary policy, the Bank of Mozambique’s Monetary Policy Committee (CPMO) cut the MIMO benchmark interest rate by 75 basis points at the end of July, setting it at 10.25%. This was the ninth consecutive cut since January 2024, when the rate stood at 16.5%, having remained at 17.25% for more than a year and a half.
According to Governor Rogério Zandamela, the measure reflects “the consolidation of single-digit inflation prospects”, driven by favourable developments in international commodity prices, although domestic risks persist relating to the State Budget, the recovery of productive capacity and the potential impact of climate shocks.
The Bank of Mozambique anticipates, in the medium term, “a gradual recovery of economic activity” supported by falling interest rates and the implementation of strategic projects, maintaining its intention to continue normalising the MIMO rate, adjusting the pace according to inflation developments and the assessment of risks.
