Nairobi — Mozambique’s new central bank governor is drawing on three decades of experience at the International Monetary Fund to tame surging inflation in the southern African country. Two months into the job, Rogerio Zandamela stamped his authority on the position at the weekend by hiking the key rate to the highest level in more than a decade, according to central bank data. The six percentage point increase announced after Friday’s Monetary Policy Committee meeting almost matched the margin by which his predecessor raised borrowing costs at four previous announcements this year. The inflation rate in the coal-producing country has more than doubled since the start of the year. The metical slumped 39% against the dollar after a freeze in donor aid exacerbated a shortage of foreign exchange that resulted from a drop in commodity-export receipts, making it the continent’s worst-performing currency in 2016. Zandamela’s experience at the IMF, where he worked on countries from Brazil t...
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