Some commercial banks in Mozambique have proposed limiting transactions on online sales platforms amid concerns about foreign currency outflows and pressure on foreign exchange reserves, according to a report by O País.
The banks reportedly said online commerce platforms have increasingly been used to make international payments, which in some cases are difficult to trace. They warned this could contribute to the outflow of foreign currency abroad or strengthen the parallel market. The measure restricting transactions has not yet been approved by the Bank of Mozambique, nor has it been officially analysed by the authorities.
Economists analyse pros and cons
Economists Octávio Manhique and Moisés Nhanombe warned that a decision of this nature could put the normal functioning of the market at risk. Both said that if the Bank of Mozambique were to approve the proposal, the impacts on the national economy could be significant.
Manhique said the issue should be analysed carefully, as it involves structural and regulatory factors. He noted that the liberalisation of current transactions introduced in recent years brought benefits to the market, but also allowed less transparent practices.
“The liberalisation has its less positive side, because people become inventive and always look for mechanisms to carry out unauthorised operations,” he said.
He added that the financial system needs more robust control mechanisms to deal with these situations. The fact that commercial banks have advanced the proposal could be seen as a warning to regulatory authorities.
“If commercial banks are now publicly suggesting limitations, they probably have quantitative data showing that there is a problem that needs to be addressed,” Manhique said.
Manhique cautioned that a blanket blocking of digital platforms could harm the economy. E-commerce has been growing in Mozambique and is an important tool for consumers, small businesses and independent professionals who depend on these platforms for products and services.
“Closing the entire online market could create a catastrophe for a small economy like ours, because many activities today depend on these platforms,” he said.
Temporary measures and informality
In this context, measures such as limiting certain transactions or centralising the import of some products could be interpreted as temporary steps to curb foreign currency outflows.
“If there are illicit activities, they always leave a trace in the financial system. The important thing is to investigate, identify those responsible and apply the appropriate measures,” Manhique added.
The economist also highlighted the high level of informality in Mozambique’s economy, which complicates monitoring financial flows. Many transactions occur outside formal channels, creating opportunities for irregular practices and making oversight difficult.
Economist Moisés Nhanombe said that while commercial banks’ concerns about foreign currency outflows may be valid, broad measures to block e-commerce platforms could have negative consequences for the financial system and the economy.
“More abrupt or broader measures usually generate a degree of regulatory uncertainty and may weaken confidence in the financial system,” he said.
Nhanombe noted that Mozambique’s economy is highly vulnerable to external shocks, relying on exports of a narrow range of commodities, particularly natural resources.
“We are talking about a country with high external vulnerability and significant sensitivity of the metical exchange rate to major international currencies,” he explained.
He also stressed that e-commerce is an important driver of the services economy and modernisation. Restricting these channels could hinder economic development.
“E-commerce is now an important segment of the services economy and a relevant driver of productive modernisation,” Nhanombe said.
Small businesses
According to Nhanombe, small entrepreneurs and SMEs would be among the most affected if restrictions were implemented.
“Many small entrepreneurs use social ne
tworks, marketplaces and digital payment systems to sell their products. Limiting or blocking these tools could reduce revenues and increase transaction costs, weakening emerging businesses,” he said.
He added that such measures could push some economic activity into the informal sector.
“When the formal system no longer offers operating mechanisms, economic agents tend to look for alternatives in the informal sector,” he said.
Despite these concerns, Nhanombe said any decision should be carefully evaluated by the Bank of Mozambique.
“It is up to the Central Bank to analyse the impact of these measures and find solutions that control the outflow of foreign currency without compromising the functioning of the economy,” he concluded.