The Governor of the Bank of Mozambique, Rogério Zandamela, assured on Monday, May 25, that the banking system continues to finance fuel imports, attributing the supply disruptions recorded in recent weeks to the financial situation of some fuel companies, according to the Lusa news agency.
Speaking in Maputo after the Monetary Policy Committee (CPMO) meeting, Rogério Zandamela explained that commercial banks have the capacity to issue guarantees and provide credit for fuel imports, but that some companies in the sector do not meet the financial conditions required to benefit from these mechanisms.
“There is room available, but it is not being used because some entities that should have access to these guarantees are not in a financial position to qualify. Some companies are bankrupt, others lack liquidity in meticais. That is the statistical reality we are facing,” he stated.
In recent months, the country has experienced long queues at fuel stations, fuel shortages in several regions, and partial disruption of economic activities. In response to the situation, the Government announced on May 7 a 45.5% increase in diesel prices and a 12.1% rise in gasoline prices, justifying the measure with the effects of the Middle East conflict on international supply.
Despite the crisis, the governor insisted that banks have prioritized financing fuel imports.
“The banks are doing everything possible to provide support. The data shows they are committed and are prioritizing the fuel bill in their foreign exchange allocation decisions,” he said.
Rogério Zandamela added that financial institutions continue to issue import guarantees, provided companies demonstrate adequate financial capacity.
“A guarantee is credit. If a company does not have the capacity to sustain that credit, the bank cannot issue guarantees, even if it is a fuel company,” he explained.
The official acknowledged, however, that some companies in the sector are effectively excluded from access to bank guarantees due to their financial condition.
“It is not because banks lack availability. We know the existing guarantee limits, and the level of utilization by fuel companies remains below those limits,” he stressed.
According to the governor, the process of allocating resources for fuel imports is being directly monitored by the Government.
At the same meeting, the Bank of Mozambique decided to maintain the benchmark interest rate at 9.25% and increase the reserve requirement ratio in local currency.
The institution also admitted the possibility of inflation reaching double-digit levels due to the impact of the fuel crisis and rising domestic prices.
Data released by the National Statistics Institute indicated that prices in Mozambique rose by 0.63% in April, almost three times the increase recorded in March.
Even so, cumulative inflation in 2025 stands at 3.23%, below the level recorded in 2024 and lower than the Government’s forecast, which points to annual inflation close to 7%.
