The Bank of Mozambique (BoM) announced on Wednesday, 31 May, that as of 5 June (next week) it will no longer contribute to the payment of fuel import bills.
This measure was in force since last year, since the Bank of Mozambique, as the national financial system regulator, shared with around 50% of the total cost of the invoice. However, this co-payment is now coming to an end.
According to a statement issued by the bank, signed by the director of the Markets and Reserve Management department, Carlos João Baptista, the bank informed “the institutions linked to the Interbank Foreign Exchange Market that it will no longer contribute to the purchase of liquid fuel in the country.
The note does not provide any further details about the measure. Meanwhile, the BoM’s decision coincides with the day on which the Monetary Policy Committee (CPMO) decided to increase the Mandatory Reserve coefficients for national currency by 28 percent and for foreign currency by 39.5 percent, a fact that will impact on the circulation of currency in the economy.
