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

May 27 (Reuters) – Mozambique’s central bank cut its MIMO interest rate by 75 basis points to 15.00%, the third meeting in a row at which the rate has been reduced, the bank said on Monday.

The bank’s Monetary Policy Committee said in a statement that the decision was based on favourable forecasts while trying to keep inflation in single digits in the medium term.

The southern African country’s inflation edged up to 3.26% year on year in April MZCPIY=ECI from 3.03% in March, statistics agency data showed this month.

(Reporting by Tannur Anders; Editing by Alexander Winning)