The Bank of Mozambique (BoM) has stopped contributing to the fuel import bills in the country, considering that the amounts can now be borne by commercial banks. The measure announced last Wednesday (31) came into force on Monday, 5 June.
To DE, the Mozambican Association of Oil Companies (AMEPETROL) revealed that it foresees “somewhat difficult” times, as the central bank contributed significantly to the timely settlement of invoices.
“We view the situation with great concern. The BoM used to help in exchange control and assist importers in various aspects. With this measure, we fear that things will not manifest themselves as in the past,” explained Ricardo Cumbe, secretary-general of AMEPETROL, to DE.
According to the source, the decision could influence prices, which, “by themselves, could change,” as importers will be at the “mercy of commercial banks. There will be great competition between commercial banks, and we will no longer have the central bank to control the exchange rate in the previous way,” he noted.
Ricardo Cumbe said that companies are currently facing a major challenge, noting that the Association has not yet found a strategy to reverse the impacts of this decision.
“Measures as such we do not have. We have not yet found any way to mitigate the impacts that will arise. What we are going to do is approach the central bank to put our perspectives around the implementation of the announced measure,” he concluded.
As regulator of the national financial system, the BoM used to share 50% of the total cost of the bill. However, this co-payment has now come to an end.
