Construction work is seen opposite a statue of Samora Machel, the first President of Mozambique, and the Cathedral of the Immaculate Conception, a Roman Catholic cathedral in downtown Maputo, Mozambique, September 1, 2019. REUTERS/Siphiwe Sibeko

MAPUTO, July 31 (Reuters) – Mozambique’s central bank cut its MIMO interest rate to 14.25% from 15.00% on Wednesday, the fourth meeting in a row at which the rate has been reduced.

Bank of Mozambique Governor Rogério Zandamela told reporters that inflation was projected to remain in single digits in the medium term.

The southern African country’s inflation fell to 3.04% year on year in June from 3.07% in May, statistics agency data showed this month.

(Reporting by Manuel Mucari; Writing by Tannur Anders; Editing by Alexander Winning)