Bank of Mozambique should take measures to secure foreign reserves, President says

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Bank of Mozambique should take measures to secure foreign reserves, President says

7:00 CAT | 06 Sep 2016

File photo / President Filipe Nyusi

The Bank of Mozambique should adopt a set of innovative measures to secure reserves to pay for imports, debt servicing and ensure exchange rate stability, said on Thursday in Maputo the President of Mozambique.

Filipe Nyusi, instating the new governor of the Bank of Mozambique, Rogerio Zandamela, said the central bank’s activity should promote economic adjustment capacity, taking into account an economy like Mozambique that is greatly affected by external shocks.

The Mozambican President, quoted by Mozambican news agency AIM, said the country still had major macroeconomic challenges, such as control of the money supply, international reserves and interest rates and also the expansion of financial services.

The President also said that the current economic situation of the country, characterised by general price increases and high depreciation of the national currency, the metical against the major currencies, brings great challenges to exchange rate policy management to ensure the stability of the financial system.

Rogerio Zandamela, replacing Ernesto Gove, was previously an official of the International Monetary Fund (IMF) since 1988, and was the IMF’s resident representative in Brazil and head of IMF missions to several countries.

Source: Macauhub