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Mozambique Strengthened International Reserves and Import Capacity in November

Mozambique Strengthened International Reserves and Import Capacity in November

Mozambique’s international reserves reached US$3.1 billion in November, strengthening its capacity to import goods and services.

According to the Economic Situation report, concluded this month by the Bank of Mozambique (BdM), and to which Lusa had access this Thursday, 7 December, “the country’s international reserves remain at satisfactory levels”.

“The country’s external position, as measured by gross international reserves, remains satisfactory, with an accumulated balance of around 3.1 billion dollars by 15 November 2023,” it added.

This volume of gross reserves, according to the central bank, is “enough to cover around four months of imports of goods and services”, in this case excluding the so-called “major projects” underway, essentially in the area of mining.

In January this year, the BdM increased the ratio of mandatory reserves to demand deposits in foreign currency from 11.5 per cent to 28 per cent, and in April it reduced the supply of reserves to fuel importers from 100 per cent to 60 per cent.

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Meanwhile, in the 2023 State Budget, the Mozambican government set itself the goal of building up Net International Reserves of 2.9 billion dollars, “corresponding to three months’ coverage of imports of non-factorial goods and services”.

However, in July, the International Monetary Fund (IMF) stated that Mozambique’s international reserves have been falling since 2021.



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