Africa-Press – Mozambique. Foreign exchange sales by Mozambican banks increased 51% in the second quarter compared to the previous quarter, reaching US$1.846 billion (€1.593 billion), and outpacing purchases from customers.
According to data from a report by the Bank of Mozambique, consulted today by Lusa, in the first quarter of the year, commercial banks sold foreign exchange worth US$1.226 billion (€1.058 billion) to customers.
Conversely, purchases from customers increased 10% in the same period, from US$1.605 billion (€1.385 billion) from January to March to US$1.764 billion (€1.522 billion) from April to June, but this was below the total sales made by the same banks to customers in the second quarter.
Lusa reported in July that foreign exchange sales among Mozambican banks plunged 67% in 2024 compared to 2023, to US$44.46 million (€38.4 million), but banks managed to buy more foreign currency from customers than they sold.
According to data compiled by Lusa from a recently approved annual report by the Bank of Mozambique, banks sold foreign exchange worth US$135.1 million (€116.5 million) among themselves in 2023.
Since last year, businesspeople across various sectors have complained of difficulties accessing foreign currency through banks, a situation that continues in 2025 and which they claim hinders imports.
In 2024, through the same interbank channel, the Bank of Mozambique reports that it did not sell foreign currency, while in 2023 it sold US$481.4 million (€415.3 million), including all foreign currencies transacted, converted to US dollars.
“The Bank of Mozambique maintained neutrality in the Interbank Foreign Exchange Market in a scenario of exchange rate stability,” the document reads.
Furthermore, the document points out that in 2024, “commercial banks’ purchases from their customers exceeded sales by US$880.16 million [€759 million]”, and that when compared to 2023, “purchases and sales decreased by 4% and 17%, respectively”.
“Thus, in 2024, the total business volume in this segment was approximately US$15.89 million [€13.7 million], a 6% reduction compared to the previous year,” the document concludes.
The Bank of Mozambique is adopting measures to increase “fluidity” in the foreign exchange market, attempting to redistribute the volume of available foreign currency, Governor Rogério Zandamela said on Thursday.
“These measures are nothing more than adjusting resources from here, taking them from here, putting them elsewhere, and better monitoring them,” the governor said at a press conference in Maputo at the end of the Monetary Policy Committee (CPMO) meeting, which takes place every two months.
“An increase in fluidity in the foreign exchange market is expected. To boost sales to the public, the Bank of Mozambique recently reduced the daily retention limits for foreign exchange acquired by banks. This measure complements the decision to increase the minimum conversion rate for export revenues from 30% to 50%, which implies greater availability and access to foreign exchange,” he added.
Responding to journalists’ questions after the announcement, regarding business owners’ concerns about the lack of access to foreign exchange, particularly to guarantee imports, Zandamela acknowledged that “there was a need to adjust certain liquidity segments”.
Mozambican President Daniel Chapo accused the banks this month of “creating” a foreign exchange shortage and transforming it into a “business opportunity”, observing that there was never a shortage of foreign currency for dividend distribution.
For More News And Analysis About Mozambique Follow Africa-Press
