Mozambique’s Net International Reserves (NIR) fell again in February, to 3,593 million dollars (3,164 million euros), the lowest in nearly a year, according to central bank data compiled today by Lusa.
According to a statistical report from the Bank of Mozambique, the reserves – in foreign currency – had recorded the previous low in June 2024, when they fell to 3,647 million dollars (3,211 million euros), and before that in December 2023, to 3,543 million dollars (3,120 million euros).
Between December and February alone, these reserves fell by almost 4%, compared to 3,740 million dollars (3,293 million euros) at the close of 2024.
In February, the amount of international reserves covered 3.3 months of estimated import needs.
These reserves, which guarantee payment abroad for goods and services by companies, had grown in January 2024 to almost 3,601 million dollars (3,170 million euros), which was then the highest figure since September 2021, and in July they reached 3,807 million dollars (3,552 million euros), a three-year high.
The governor of the Bank of Mozambique said on November 8 that the country’s foreign currency reserves are comfortable, but are not “to burn”, despite constant claims by businesspeople about the lack of foreign currency on the market.
“We’re not burning reserves and we’re not burning reserves. They are still there to allow our country and our institutions to function normally,” said Rogério Zandamela.
Lusa
