Foreign exchange sales by commercial banks increased by 51% in the second quarter of 2025 compared to the first three months of the year, reaching approximately 113.7 billion meticais (USD 1.8 billion), surpassing the value of purchases made from clients during the same period.
According to a report by the Bank of Mozambique cited on Wednesday, August 6, by news agency Lusa, banks had sold 75.8 billion meticais (USD 1.2 billion) to clients in the first quarter. In contrast, purchases from clients grew by 10%, rising from 101.1 billion meticais (USD 1.6 billion) to 107.4 billion meticais (USD 1.7 billion), an amount that still fell short of total sales.
In July, Lusa reported that interbank foreign exchange sales dropped by 67% in 2024 compared to 2023, standing at 2.8 billion meticais (USD 44.46 million), despite banks having purchased more foreign currency from clients than they sold among themselves. In 2023, total interbank sales reached 8.5 billion meticais (USD 135.1 million).
The report shows that the Bank of Mozambique did not sell foreign currency in the interbank market in 2024, after having transacted 30.4 billion meticais (USD 481.4 million) in 2023. The institution stated it maintained a neutral stance in the foreign exchange market amid a stable exchange rate environment.
In 2024, purchases by commercial banks from clients exceeded sales by 55.7 billion meticais (USD 880.16 million). Compared to 2023, there was a 4% decrease in purchases and a 17% decrease in sales. The total trading volume in the foreign exchange segment stood at around 1 billion meticais (USD 15.89 million), down 6% from the previous year.
Amid private sector complaints about limited access to foreign exchange for imports, the Bank of Mozambique announced measures to improve the liquidity of the foreign exchange market. These include reducing banks’ daily foreign currency retention limits and increasing the minimum mandatory conversion rate of export earnings from 30% to 50%.
According to Governor Rogério Zandamela, the measures aim to redistribute available foreign exchange resources and improve the financial system’s responsiveness. Recently, President Daniel Chapo accused banks of creating an artificial foreign exchange shortage for speculative purposes, assuring that “there has never been a lack of foreign currency to pay dividends.”
Source: Diário Económico
