Mozambique’s net international reserves (NIR) grew again in January to a new record of $4.152 billion (€3.595 billion), according to data from a statistical report by the Bank of Mozambique.
These reserves — foreign currency needed to pay for imports of goods and services — had risen 1% during September to $3.937 billion (€3.409 billion), and again in October, after the previous high of $4.035 billion (€3.494 billion) in August. From December to January they rose nearly 1% further, according to the report’s historical data accessed by Lusa today, covering more than three months of import needs.
However, given business complaints about a lack of foreign currency in the banking system, a Mozambican government source told Lusa that the possibility of lowering the reserve level is under study — reserves have been almost consistently above three months of import needs.
Despite this volume of reserves, businesses complain about difficulty accessing foreign currency needed for imports, as the president of the Confederation of Economic Associations (CTA) of Mozambique, Álvaro Massingue, noted as recently as November.
“The scarcity of foreign currency is now an economic emergency. Without foreign currency, companies cannot import raw materials, cannot fulfil contracts and cannot grow. The state must guarantee priority access to foreign currency for producing and exporting companies and create incentives for those who export and substitute imports,” said Massingue at the opening of the 20th Annual Private Sector Conference (CASP).
Central bank governor Rogério Zandamela has insisted that the foreign exchange market is functioning smoothly, rejecting any intervention.
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The IMF, however, requested in February that Mozambique adopt exchange rate flexibility — among other mostly fiscal consolidation measures — bringing official rates closer to the parallel market rate.
“Delaying reforms will worsen the crisis and increase adjustment costs. Immediate and coordinated action is urgently needed to restore stability, protect vulnerable groups and lay the foundations for sustainable and inclusive growth,” reads the IMF’s recommendations following its 2025 regular consultations.
In that assessment, the IMF stated that Mozambican monetary policy “should remain restrictive,” but that “monetary easing risks aggravating the current foreign exchange shortage,” advocating exchange rate policies that support “external adjustment and competitiveness.”
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“Greater exchange rate flexibility would help strengthen the external position, restore equilibrium in the foreign exchange market, reduce the gap between official and parallel rates and improve resource allocation. Exchange controls should not be used as a substitute for justified macroeconomic policy adjustments. Their removal should be gradual and carefully planned to avoid disruptions,” the IMF wrote.
