The Mozambican central bank has cut its benchmark interest rate by 75 basis points to 14.25 percent because it considers inflation to be under control, AIM reports.

The Mozambican news agency says the monetary policy committee of the central bank, in announcing the cut, remarked that the annual rate of consumer price inflation slowed to 4.27 percent last month because increases in prices of food and fuel were under control.

The committee also remarked that Mozambican net international reserves amounted to US$3.13 billion at the end of last month, which it described as a comfortable sum, sufficient to cover seven months of imports of goods and services, AIM says.