The Bank of Mozambique (BoM) announced that Net International Reserves (NIR) reversed the cycle of falls and stood at 3.7 billion dollars (233.8 billion meticals) last December, representing growth of 1.5 per cent compared to November, when the figure stood at 3.6 billion dollars (227.5 billion meticals).
The central bank 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.’
Last year, BoM 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 for ‘burning’ and that the central bank has been keeping them stable to guarantee the regular functioning of the economy.
‘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 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.
