Banking Economy FDI Finance Government Mozambique

Mozambique approves foreign exchange control measures

Approximate reading time: 1 minute

The Mozambican cabinet has approved a package of incentives for food production and foreign exchange control measures. Cabinet spokesperson, also Deputy Health Minister, Mouzinho Saide said the package of measures included provision of foreign exchange “exceptionally” to import basic goods and an increase of foreign exchange interventions to ensure greater availability of foreign currency.

Saide, who is quoted by the local media on Friday, said that public companies would be instructed to contribute to the replacement the dollar with the metical in the economy, as part of implementation of the foreign exchange law.

Deputy Health Minister, Mouzinho Saide
Deputy Health Minister, Mouzinho Saide

The metical has suffered a depreciation of over 40 percent against the dollar since the beginning of the year, accompanied by a fall in international prices of raw materials, with impact on imports, foreign currency supply and prices of goods.

In addition to incentives for industry, the measures provide for the re-launch of agricultural companies in order to “ensure more availability of services and goods in the country.”

On Monday, the Bank of Mozambique announced the introduction of limits on the use of credit and debit cards abroad in order to prevent foreign currency outflows.

Source: StarAfrica

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One comment

  1. Any news of any measures to make it easier to export? I know quite a few companies that have had serious issues with the cost and time involved in exporting from Mozambique…

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