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Mozambique drops interest rate for 6th time in 2024

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As inflation remains low in southern African Mozambique, its central bank has lowered its main interest rate by 75 basis points, the sixth straight drop.

Mozambique’s MIMO interest rate dropped from 13.50% to 12.75%. Since July, Mozambique’s inflation rate has stayed below 3%; in October, it was 2.68% annually.

In a statement, the Bank of Mozambique stated that, despite concerns about post-election demonstrations and their effect on the cost of goods and services, its most recent monetary policy decision was consistent with maintaining inflation in the single digits over the medium run.

With a moderate inflation forecast, the policy rate was lowered for the sixth straight time.

Despite concerns about post-election demonstrations and their effect on the cost of goods and services, policymakers said the decision was compatible with keeping inflation in the single digits in the medium run.

Although headline inflation increased slightly to 2.68% in October from 2.45% in July, it has stayed below 3% since then. Banco de Moçambique is the source.

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Egypt’s November inflation drops to 25.5%, near 2-year low

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According to figures released Tuesday by statistics agency CAPMAS, Egypt’s annual urban consumer price inflation rate fell more than anticipated to 25.5% in November, the lowest level since December 2022.

Following the Russian invasion of Ukraine, which caused international investors to pull billions of dollars out of Egyptian treasury markets, inflation started to rise sharply in early 2022.

In September 2023, headline inflation reached a record high of 38.0%. It dropped to 26.5% by October 2024.

In a Reuters survey last month, 15 economists’ consensus prediction was for annual inflation to gradually decline to 26.4%.

According to CAPMAS statistics, headline inflation decreased from 1.1% in October to 0.5% in November every month.

Compared to October, when they fell 1.1%, food costs fell 2.8% over the month, making them 23.3% more than they were a year ago.

An increase in the money supply has been a major contributor to inflation. According to central bank data, Egypt’s M2 money supply increased by 29.54% in October compared to the same month last year.

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Nigeria creates N20bn consumer credit fund for domestic automakers

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In an attempt to increase demand for cars built domestically, the Nigerian government has established a N20 billion consumer credit facility programme.

The goal of the programme, which is run by the Nigerian Consumer Credit Corporation (Credicorp), is to keep customer interest rates to single digit.

The fund aims to remove obstacles that consumers face when purchasing cars on credit, according to Credicorp Managing Director/CEO Engr. Uzoma Nwagba, who spoke at the official launch/agreement signing between Credicorp and the National Automotive Design and Development Council (NADDC) in Abuja.

Nwagba said that the credit economy contributed to the creation of jobs and wealth for Nigerians as well as to the enhancement of residents’ quality of life.

According to him, the government is dedicated to helping the industry in order to guarantee its expansion and survival. According to him, the N20 billion fund was only the start, and if the initial support proves effective, the government intends to create a larger fund.

Earlier, Mr. Joseph Osanipin, the Director General of NADDC, stated that the industry’s expansion depends on the demand side of the car market being improved.

According to Osanipin, credit programs enable consumers to acquire brand-new cars of their choosing, but in the majority of prosperous nations, people do not pay cash for cars and other autos.

According to him, the program, which covers all types of autos such cars, vans, tricycles, and motorbikes, is available to all Nigerians and involves automakers that produce or assemble their goods entirely domestically.

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