Mozambican banks recorded a 262.74% surge in foreign exchange operations in the second quarter of 2026, driven by the resumption of liquefied natural gas exploration projects and extraordinary currency conversions, according to data from the Bank of Mozambique cited by Lusa.
The central bank’s Monetary Interbank and Foreign Exchange Markets Bulletin for Q2 2026 shows that interbank transaction volumes rose sharply compared with the first three months of the year. The Bank of Mozambique attributed the increase to ‘extraordinary conversions, as well as the resumption of liquefied natural gas exploration projects.’
Between April and June, ‘the volume of interbank transactions recorded an increase of approximately 262.74% compared with the previous quarter.’ In value terms, foreign exchange operations between financial institutions rose from $4 million in the first quarter to more than $16 million in the second quarter of 2026.
The spike in activity coincides with a broader reactivation of liquefied natural gas initiatives in Mozambique. The sector is widely regarded as one of the primary future drivers of foreign currency inflows into the national economy.
Mozambique has three approved megaprojects for the exploitation of natural gas reserves in the Rovuma Basin, off the coast of Cabo Delgado in the north of the country. Those reserves rank among the largest in the world.
The Coral Sul project, operated by Eni, is the only one of the three currently in production, having come online in 2022. Last October, a $7.2 billion investment was approved for a second floating platform, Coral Norte, which is expected to double output to seven million tonnes per year from 2028.
The third project, Rovuma LNG in Area 4, is valued at $30 billion and operated by ExxonMobil. It envisages annual production of 18 million tonnes from 2030, with a final investment decision expected in September.
Mozambique LNG in Area 1, operated by TotalEnergies and valued at $20 billion, officially resumed activity in January after a four-year suspension caused by armed attacks in Cabo Delgado. The project is expected to produce up to 13 million tonnes per year from 2029.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/08/27/economia/banca/bancos-registam-forte-aumento-de-operacoes-cambiais-com-retoma-dos-megaprojectos-de-gas/
