The Bank of Mozambique (BoM) announced that in October Mozambique’s Net International Reserves (NIR) stood at US$3.7 billion, enough to cover five months of imports excluding major projects.
‘The current level of reserves is enough to cover 3.2 months of total Mozambican imports and five months excluding major projects,’ said the central bank in a statistical report published on its official website.
The institution recalled that ‘these foreign currency reserves had grown in January this year to almost 3.6 billion dollars, which was then the highest figure since September 2021, and that they reached 3.8 billion dollars in July, a record in three years.’
Recently, BdM governor Rogério Zandamela guaranteed that the country’s foreign currency reserves are at ‘comfortable’ levels, ensuring that imports of goods and services will be covered for the next five months, emphasising that these reserves are not to be ‘burnt’ and that the central bank has been keeping them stable in order to guarantee the regular functioning of the economy.
‘We are not going to “burn” reserves and we are not “burning” reserves. They are still there to allow the normal functioning of our country and our institutions,’ said the governor during the 49th Consultative Council of the Bank of Mozambique, held in Maputo.
Zandamela also emphasised that despite the challenges, Mozambique’s macroeconomic performance has shown positive signs. Gross Domestic Product grew by 4.5 per cent in the second quarter of 2024, driven mainly by the extractive industry.
