{"id":22987,"date":"2022-07-15T16:03:45","date_gmt":"2022-07-15T16:03:45","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/euros-slide-could-affect-european-blocs-financial-support-to-mozambique"},"modified":"2022-07-15T16:03:45","modified_gmt":"2022-07-15T16:03:45","slug":"euros-slide-could-affect-european-blocs-financial-support-to-mozambique","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/euros-slide-could-affect-european-blocs-financial-support-to-mozambique","title":{"rendered":"Euro\u2019s slide could affect European bloc\u2019s financial support to Mozambique"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Academic Silvano Langa says that the slide in the Euro could reduce the value of financial support from European bloc countries to Mozambique. The macro-economy specialist adds that the country needs to boost exports to achieve currency independence.<\/p>\n

The war in Ukraine is among the main factors contributing to the Euro\u2019s devaluation, with, according to Langa, sanctions imposed by the West on Russia at the heart of the slide.<\/p>\n

\u201cWe know that the exchange rate is related to the supply and demand of currency for export and, in this case, the level of demand for the European currency for gas exports has dropped, due to the sanctions imposed on Russia,\u201d the specialist in macroeconomics says.<\/p>\n

Although the fall in the Euro brings some benefits to the national [Mozambican] economy, there are disadvantages, he notes.<\/p>\n

\u201cWe can take advantage of this situation, because, instead of it taking more than 70 meticais to import [a Euros\u2019-worth of goods], in February, it took only 64 meticais. But, as we well know, Mozambique is a country that depends a lot on international aid, not only humanitarian but also at the development level. Therefore, any external financial support coming from the European bloc is less money for the country,\u201d he explained.<\/p>\n

In his analysis, the Bank of Mozambique should change monetary policy to increase the supply of currency, and put more emphasis on exports, to insulate the country from exchange rate variations.<\/p>\n

\u201cWe want to maintain parity in a generic way between the interest rate and the exchange rate, and as the latter is in trouble against the euro, we can change the former, which means increasing or reducing the money supply, but in this case, it would be to increase it. The other thing we can do is through trade policy, in the sense of making exports more dynamic,\u201d he advanced.<\/p>\n

On Tuesday, the Euro reached parity with the US dollar for the first time since 2002, the year in which it began to circulate. Yesterday, July 13, the Euro dropped below parity against the dollar .<\/p>\n

By Edmilson Lambo<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Academic Silvano Langa says that the slide in the Euro could reduce the value of financial support from European bloc countries to Mozambique. The macro-economy specialist adds that the country needs to boost exports to achieve currency independence. The war in Ukraine is among the main factors contributing to the Euro\u2019s devaluation, […]<\/p>\n","protected":false},"author":84,"featured_media":22986,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-22987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nEuro\u2019s slide could affect European bloc\u2019s financial support to Mozambique - Mozambique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/euros-slide-could-affect-european-blocs-financial-support-to-mozambique\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Euro\u2019s slide could affect European bloc\u2019s financial support to Mozambique\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Mozambique. 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