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Net International Reserves Increased By 11% to $3.4B in December

Net International Reserves Increased By 11% to $3.4B in December

Mozambique’s Net International Reserves (NIR), needed for imports of goods and services, grew by almost 11% in December, to 3.4 billion dollars, boosted by donations received.

“By the end of November, reserves stood at 3.1 billion, and growth during December was driven by the inflow of 300 million dollars in donations,” said the Bank of Mozambique’s statistical report, released on Friday, 2 February.

According to the document, the country closed the last month of the year with enough reserves to cover 3.5 months of expected import needs, emphasising that this coverage could increase to 4.3 months.

In January 2023, the Bank of Mozambique increased the mandatory reserve ratio for foreign demand deposits from 11.5% to 28%, and in April it reduced the supply of fuel to importers from 100% to 60%.

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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.

According to an announcement made last July by the International Monetary Fund (IMF), Mozambique’s NIR had been falling since 2021.

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