Mozambique: MozParks powers its Head Office entirely with solar energy
Bank of Mozambique stops contributing to fuel import bills, starting today
3:32 CAT | 05 Jun 2023
FILE - For illustration purposes only. [File photo: Notícias]
The Department of Markets and Reserve Management and the Interbank Foreign Exchange Market of the Bank of Mozambique, the country’s central bank, on Wednesday issued a communique addressed to the institutions participating in the Interbank Foreign Exchange Market indicating that, with effect from this Monday, June 5th, the Bank of Mozambique would no longer contribute to the payment of import invoices for liquid fuels.
This decision comes about 13 years after the then governor of the Mozambican central bank, Ernesto Gove, determined that the entity would start to make money available for the payment of invoices which had been, until August 2010, supported by commercial banks.
At that time, Gove made it known that the measure was intended to relieve the commercial banks of the great pressure that the constant rises in fuel prices exerted on the foreign exchange market, with the cost of importing the same quantity of fuel increasing from US$328 million in 2009 to US$550 million in 2010.
Source: Domingo
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