Africa-Press – Mozambique. Mozambique’s Net International Reserves (NIR) reversed declines and increased to US$3,619 million (€3,232 million) in March, still remaining at minimum levels, according to data from the central bank compiled by Lusa today.
According to a statistical report from the Bank of Mozambique, reserves – in foreign currency – had already recorded their lowest value in about a year in February, falling to US$3,593 million (€3,164 million), as in the previous month.
Despite this slight increase in March, of almost 1%, Mozambican NIRs still total the second lowest value in almost a year.
Between December and March alone, these reserves fell by 3.2%, taking into account the US$3.740 million (€3.293 million) at the end of 2024.
In March, the amount of international reserves covered more than three months of estimated import needs.
These reserves, which guarantee the payment abroad for goods and services by companies, had grown in January 2024 to almost US$3.601 million (€3.215 million), which was then the highest value since September 2021, and in July they reached US$3.807 million (€3.399 million), a three-year high.
Governor of the Bank of Mozambique Rogério Zandamela said on November 8 that, despite constant allegations from businesspeople about the lack of foreign currency in the market, the country’s foreign currency reserves are comfortable, although not sufficient “to burn”.
“We are not going to burn reserves, and we are not burning reserves. They remain there to allow the normal functioning of our country and our institutions,” Zandemela said.
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