Mozambique: International reserves rise, now cover three months’ imports

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Mozambique: International reserves rise, now cover three months’ imports

12:25 CAT | 11 Jul 2024

FILE - For illustration purposes only. [File photo: Banco de Moçambique]

Mozambique’s Net International Reserves (NIR) grew slightly in June, to $3.658 billion (€3.376 billion), guaranteeing more than three months of imports of goods and services, according to official figures.

According to a statistical report from the Bank of Mozambique, to which Lusa had access today, these reserves – in foreign currency – had grown in January to almost $3.601 billion (€3.323 billion), the highest figure since September 2021.

After several months in decline, Mozambique’s RIL grew to $3.652 billion (€3.371 billion) last May, increasing by a further 0.2% in June, guaranteeing the equivalent of the needs of 3.1 months of total imports, rising to 4.9 months excluding so-called major projects.

On 17 April, the managing director of the International Monetary Fund (IMF), Kristalina Georgieva, acknowledged the “good performance” of the Mozambican economy, after receiving Mozambican President Filipe Nyusi in Washington.

“We have an active programme with Mozambique and I’m pleased to see that the country’s fiscal situation has strengthened, growth is up and inflation is down, reserves are strong,” she said.

Alongside the Mozambican President, with whom she met for more than 30 minutes at the financial institution’s headquarters in the US capital, Kristalina Georgieva added that the result of this performance has been the “building of strong institutions”, putting “good policies into practice”.

Source: Lusa