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Bank of Mozambique to Collect 62B From Commercial Banks

Bank of Mozambique to Collect 62B From Commercial Banks

The Bank of Mozambique (BM) may absorb from the commercial banks of the national banking system about 62 billion meticals resulting from the increase in the reserve requirement ratio.

The ” bleeding” account of the transfer of resources, namely 45 million meticals and US$245 million, is from the Mozambican Association of Banks, cited last week by Canal de Moçambique. The time frame in which this “bleeding” may occur is not yet known.

The group warns that the measure, including the central bank’s withdrawal from co-financing fuel imports, will impact on the availability of foreign currency and the ability to support its members in the process of adapting to the scenario created by the WB.

The central bank justifies its monetary policy measures with the need to control inflation in the country, but also due to “excess liquidity in the national banking system”.

This perspective led to an increase in obligatory reserves for liabilities in national and foreign currency by 11%, from 28% to 39% and from 28.5% to 39.5%, respectively.

In the eyes of businessmen, represented by the Confederation of Economic Associations – CTA, these decisions will worsen the cost of living of Mozambican families and retract foreign investment.

Canal de Moçambique

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