Mozambique’s Net International Reserves (NIR), needed for imports of goods and services, fell in October to around 3 billion dollars, due to transfers by banks, according to official figures.
According to a statistical report from the Bank of Mozambique (BdM) for October, to which Lusa had access on Wednesday (15), these reserves, in foreign currency, totalled more than 3.1 billion dollars at the beginning of the month.
The fall during October, equivalent to 52.8 million dollars, put these reserves at a level sufficient to guarantee 3.1 months of total exports, compared to 3.2 months at the end of September.
“October’s performance was conditioned by transfers from banks, which totalled 187.4 million dollars, but also by debt servicing payments, amounting to 63.3 million dollars in one month,” the document points out.
Last January, the BdM increased the mandatory reserve ratio for demand deposits in foreign currency from 11.5 per cent to 28 per cent, and in April it reduced the supply of fuel to importers from 100 per cent to 60 per cent.
In the 2023 State Budget, the government had set the goal of building up Net International Reserves of 2.9 billion dollars, “corresponding to three months’ coverage of imports of non-factorial goods and services”.