Maputo, June 18, 2025 (Lusa) - Mozambique's net international reserves (NIR) grew again in April for the second consecutive month, exceeding $3.773 billion (€3.265 billion), according to central bank data compiled today by Lusa.
According to the latest statistical report from the Bank of Mozambique, reserves - in foreign currency - had recorded their lowest value in about a year in February, falling to $3.593 billion (€3.109 billion). They rose 1% during March to $3.619 billion (€3.131 billion) and a further 4.3% in April, according to central bank data.
In April, international reserves covered more than three months of estimated import needs.
These reserves, which ensure companies can pay for goods and services abroad, reached $3.807 billion (€3.294 billion) in July 2024, a three-year high.
The governor of the Bank of Mozambique, Rogério Zandamela, acknowledged on 30 May that the country had experienced a "dollarisation" of the economy between the end of 2024 and the beginning of this year, following the post-election crisis, particularly in the attempt to withdraw foreign currency from banks.
"Today, looking back, it was not clear at the time, but January was certainly the most difficult moment [...], I would say from the end of the year, December, and January. Then things calmed down," the governor said, responding to journalists at the end of the Monetary Policy Committee (CPMO) meeting in Maputo.
Zandamela was questioned, in particular, about the guarantee he gave at the end of March that there would be sufficient liquidity in the foreign exchange market, when businesspeople were complaining about the lack of access to foreign currency to make imports. The central bank adopted regulations the following month to facilitate the process.
According to the governor, the position was the result of an assessment made at the time, which later revealed an attempt in the market to "shield itself with the “dollarisation” of financial and non-financial assets".
"This is not unusual. It's just that when there is a crisis - let's be frank - it is also a problem of confidence. When confidence is shaken, you saw the number of trips abroad during that period, you saw a lot of people leaving the country. Some lost confidence in the country, some wanted to sell everything they had and leave: “Does our country have a future or not? ” This pressure is not surprising, it happened. But no one said what they were doing, and they weren't going to say," he added.
"This pressure [access to foreign currency] did exist, and it was very strong. And the banks played a role [...], the banks know their customers," he said.
Mozambique experienced its most complicated post-election period after the general elections on 9 October 2024, marked by demonstrations, strikes, looting, and the destruction of businesses and public institutions as a means of contesting the results. Clashes with the police also left around 400 people dead, according to organisations on the ground.
The violence ceased after a meeting on 23 March between presidential candidate Venâncio Mondlane, who did not recognise the election results and called for protests, and Mozambican President Daniel Chapo, who took office on 15 January. During the meeting, both parties agreed to end the violence in the country.
PVJ/ADB // ADB.
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