Banco de Moçambique’s August 2026 bulletins’ reference mean averaged MT63.91 but hit MT63.95 on 27 August, weeks after a notice cut banks’ long FX position limit from 20% to 2% of own funds.

August 2026 inflation of 6.45% lifted the real MIMO rate to about 2.8 points from 1.8 in July. The 91-day Treasury bill eased to 12.22% and overnight rates stayed at 9.25%.

In August 2026 the interbank repo series summed MT 58.9bn, against MT 20.0bn in June, with every trade at 9.25%. How the standing facilities and bank-to-bank lending set the effective stance.

Banks paid an average 3.52% on one-year metical deposits in August 2026 against 5.24% in January, while loans cost 22.26%. The top rate paid fell to 7.23%, which sets the room to negotiate.

Credit to the economy fell to MT291.666bn in July 2026 while commerce rose 5.0% and manufacturing 6.7%. Average loan rates of 21.27% sat against deposit rates of 3.81%. What lenders are choosing.

The CPMO held the taxa MIMO at 9.25% on 29 July 2026 citing exchange-rate stability; the reference selling rate closed at 64.54 and exchange houses sold at 70.86, with reserves at US$3,436.8m.

The reference mean dollar rate averaged MT63.91 across 23 July 2026 bulletins, but H1 data show banks sold US$4.16bn interbank with fuel taking half, and a tighter card cap began on 28 July.

Commercial banks’ gross claims on the State rose MT6.0bn to MT237.9bn in July 2026, more than double any other monthly rise in a year, while the one-year deposit rate fell to 3.81%.