The volume of foreign exchange transactions between commercial banks grew sharply by around 270% in the last quarter of 2024, totaling 24.6 billion meticals (400 million dollars) in foreign exchange sales. The data is contained in the Quarterly Market Bulletin – 4th Quarter 2024, published by the Bank of Mozambique (BoM).
According to the report consulted this Tuesday (15), the overall amount of interbank spot transactions rose from 6.6 billion meticals in the 3rd quarter (106 million dollars) to 24.6 billion meticals between October and December. The number of transactions increased from 9 to 19, while the number of exchange sessions also rose, from 8 to 12.
The average value moved per session was 5.6 billion meticals (89 million dollars), in contrast to the 2.4 billion meticals in the previous quarter, indicating a higher volume and frequency of currency exchanges between banks.
Also according to the bulletin, there were no direct operations between the Bank of Mozambique and commercial banks on the foreign exchange market during the quarter.
Both the central bank’s bilateral spot sales and purchases remained at zero, indicating that the exchange rate dynamism recorded was driven exclusively by the interbank market.
This behavior may reflect the banking system’s greater autonomy and ability to respond to foreign exchange needs in an environment of monetary stability.
The MIMO rate – the main reference for monetary policy – was reduced during this period, standing at 12.75% at the end of 2024, which may have helped to increase liquidity and facilitate access to credit.
Text: Felisberto Ruco
