Mozambique’s Net International Reserves (NIR) registered a growth of 0.7% in March, reaching 235.6 billion meticais (3.6 billion dollars), according to data from the Bank of Mozambique.
The increase ends two consecutive monthly declines, after reserves fell in February to 226.3 billion meticais (3.5 billion dollars), a level that represented the lowest in about a year.
Despite the recovery, the amount recorded in March remains the second lowest in the last 12 months. Between December 2024 and March this year, the NIR fell by 3.2%, dropping from 235.6 billion meticais (3.7 billion dollars) to the current levels. According to the central bank, the existing reserves cover more than three months of imports of goods and services, excluding megaprojects. In July 2024, the NIR reached a peak of 239.8 billion meticais (3.8 billion dollars) — the highest value in the last three years.
Despite the fluctuations, the Governor of the Bank of Mozambique, Rogério Zandamela, has reiterated that the country has sufficient foreign exchange reserves, while emphasizing the need for preservation:
“We will not burn reserves and we are not burning reserves. They remain there to allow the normal functioning of our country and our institutions,” he stated in November 2024.
International reserves are essential to ensure macroeconomic stability, protect the national currency, guarantee payments abroad, and restore market confidence — especially in a context of exchange rate pressure and foreign currency scarcity.
Source: Lusa
