Mozambique’s foreign reserves continue to grow

The gross foreign reserves of the Bank of Mozambique continued to rise until the first week of April, rising to US$2.068 billion, the governor of the central bank said recently in Maputo.

Rogério Zandamela said the amount is enough to cover about 5.3 months of imports of goods and services, excluding major projects.

The governor added that an increase in export earnings, combined with the effect of monetary policy measures to induce metical appreciation, continue to increase net foreign reserves.

In February and March the metical recorded a cumulative appreciation of 3.94% against the US dollar, 4.12% against the euro and 0.96% against the South African rand.

This year and until the end of March, the Bank of Mozambique bought foreign currency in the interbank foreign exchange market in the total of US$262.8 million, of which about US$162 million in March alone.

Source: Macauhub