Mozambique: Economy recovering, more diversified – central bank governor

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Mozambique: Economy recovering, more diversified – central bank governor

9:02 CAT | 19 Sep 2018

Photo: Banco de Moçambique

Mozambique’s economy is recovering, with major economic indicators showing signs of returning to normality following the turbulence seen between 2014 and 2016, the Bank of Mozambique’s governor, Rogério Zandamela, said on Wednesday.

“Due to monetary and fiscal measures, we are delighted to share that economic activity has improved and its performance is increasingly more diversified,” Zandamela said at the opening of the fifth meeting of central bank supervisors of member states of the Community of Portuguese-Language Countries (CPLP).

Mozambique’s economic growth slowed to 3.7% in 2017 and to a year-on-year rate of 3.4% in the first half of 2018. The government forecasts economic growth of 4.7% in 2019.

The inflation rate has dropped drastically, to barely 5% in the last eight months, while foreign exchange reserves have recovered and now cover around seven months’ worth of the country’s imports.

Source: Lusa