Mozambique: International reserves rise in July to highest level in three years

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Mozambique: International reserves rise in July to highest level in three years

11:05 CAT | 20 Sep 2024

File photo: Banco de Moçambique

Mozambique’s Net International Reserves (NIR) grew by 4.5% in July, compared to the previous month, to $3.807 billion (€3.407 billion), the highest figure in three years, according to official figures.

According to statistics from the Bank of Mozambique, to which Lusa had access on Thursday, these reserves – in foreign currency – had grown in January this year to almost $3.601 billion (€3.223 billion), which was then the highest figure since September 2021.

This was followed in May by a new high, of $3,653 billion (€3.270 billion), and then in July, saying that more than three months of Mozambique’s estimated import needs for this year have been met.

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 am 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