The governor of the Bank of Mozambique, Rogério Zandamela, stated this Monday, March 23, in Maputo, that there is, for now, no need for the central bank to resume direct financing of fuel imports, despite supply pressures associated with the conflict in the Middle East, reported the Lusa news agency.
Speaking to the press at the conclusion of the Monetary Policy Committee (CPMO) meeting, Rogério Zandamela explained that the national banking system has been able to satisfactorily ensure the financing of these operations.
“For now, we see no need for that to be our stance,” stated Rogério Zandamela, emphasizing that, although not perfect, the banking sector’s performance has ensured the continuity of fuel supplies to the country.
This stance comes amid constraints on access to foreign currency to support imports, at a time when the international market faces instability, exacerbated by Iran’s blockade of strategic routes, such as the Strait of Hormuz.
Data provided by the Secretary of State for the Treasury and Budget, Amílcar Tivane, indicate that as of March 10, the country had approximately 75,000 tons of fuel, a volume considered sufficient to guarantee supply until early May.
Amílcar Tivane added that approximately 80% of the country’s fuel imports pass through the Strait of Hormuz, one of the world’s major energy routes, which exposes Mozambique to the risks associated with instability in that region.
In the first months of 2025, the country faced difficulties in fuel supply, largely due to a shortage of foreign currency in the market, which led the central bank to adopt measures aimed at strengthening the availability of foreign exchange in the commercial banking sector.
It should be noted that in 2023, the Bank of Mozambique ceased to participate directly in fuel import invoicing, on the understanding that commercial banks were already capable of assuming this role.
This support mechanism, introduced in 2005, came to cover the entirety of imports after 2010, during a period when the high values of invoices—which could reach between 10 and 20 million dollars—made it difficult for the banking sector to absorb them.
However, the reduction in the individual value of invoices—currently often below one million dollars—has allowed for greater diversification among financing participants, including smaller banks, making the market more accessible and competitive.
