{"id":46668,"date":"2023-09-14T19:08:09","date_gmt":"2023-09-14T19:08:09","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-reserves-rose-to-3b-in-july-still-cover-three-months-imports"},"modified":"2023-09-14T20:10:28","modified_gmt":"2023-09-14T20:10:28","slug":"net-reserves-rose-to-3b-in-july-still-cover-three-months-imports","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-reserves-rose-to-3b-in-july-still-cover-three-months-imports","title":{"rendered":"Net reserves rose to $3B in July, still cover three months\u2019 imports"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Mozambique\u2019s Net International Reserves (NIR) totalled $3.028 billion (\u20ac2.826 billion) in July, up 10% since January, but still guaranteeing three months of estimated needs for imports of goods and services.<\/p>\n

According to data from a monthly statistical report by the central bank, the Bank of Mozambique, consulted on Monday by Lusa, these reserves had totalled $2.763 billion (\u20ac2.579 billion) at the beginning of January 2023.<\/p>\n

The NIRs controlled by the Bank of Mozambique, according to the same report, were sufficient in August to guarantee 3.19 months of total imports and 3.91 months \u201cexcluding major projects\u201d currently underway.<\/p>\n

In the 2023 state budget, it notes, Mozambique\u2019s government set the goal of building up Net International Reserves of 2,936.6 million dollars (2,686 million euros), \u201ccorresponding to three months of coverage of imports of non-factorial goods and services.\u201d<\/p>\n

Mozambique\u2019s international reserves have been falling since 2021, the International Monetary Fund announced in July.<\/p>\n

In its report on the final approval of the review of the Extended Credit Facility (ECF) for Mozambique, the IMF said that the country\u2019s gross international reserves covered almost 4.3 months of imports at end-2022 \u2013 above the commonly recommended minimum buffer of at least three months \u2013 but that the reserves have been \u201cfalling since the beginning of 2021\u201d to $2.900 billion (\u20ac2.580 billion) at the end of last year.<\/p>\n

The IMF recognised the impact on Mozambique\u2019s international reserves of the \u201chigh costs\u201d of fuel imports, given the resulting need to supply more foreign currency to the main fuel importers.<\/p>\n

\u201cAt the same time, imports not related to megaprojects have increased significantly in the last two years, further reducing the import coverage of reserves,\u201d the IMF document notes.<\/p>\n

In January, the Bank of Mozambique increased the ratio of mandatory reserves to foreign demand deposits from 11.5% to 28%, and in April it reduced the supply to fuel importers from 100% to 60%, it recalls in Monday\u2019s report.<\/p>\n

The announcement of the IMF\u2019s approval of this revision to the ECF was made on 6 July, guaranteeing a disbursement to Mozambique of $60.6 million (\u20ac54 million), the report also confirms.<\/p>\n

In the note that accompanied the announcement of the second review of the programme approved in May 2022, and which brings the total amount already received by Mozambique to $212.09 million (\u20ac194 million), out of a total of $456 million (\u20ac418 million), the IMF says that it allowed two criteria to be overlooked: the primary budget balance at the end of last year and the accumulation of external debts by the public sector.<\/p>\n

In its macroeconomic forecasts for this year, the IMF expects growth in Mozambique\u2019s gross domestic product to accelerate to 7% this year from from 4.2% lats, and forecasts that by the end of the year inflation will have fallen to 6.7% from 10.3% \u2013 so back down to a similar level as in 2021, but still almost double the rate registered in the previous two years.<\/p>\n

The ratio of public indebtedness to GDP is expected to continue its downward trajectory and reach 89.7% by the end of this year, an improvement on last year\u2019s 95.5%.<\/p>\n

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

Africa-Press – Mozambique. Mozambique\u2019s Net International Reserves (NIR) totalled $3.028 billion (\u20ac2.826 billion) in July, up 10% since January, but still guaranteeing three months of estimated needs for imports of goods and services. According to data from a monthly statistical report by the central bank, the Bank of Mozambique, consulted on Monday by Lusa, these […]<\/p>\n","protected":false},"author":84,"featured_media":46667,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-46668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nNet reserves rose to $3B in July, still cover three months\u2019 imports - Mozambique<\/title>\n<meta name=\"description\" content=\"Mozambique\u2019s Net International Reserves (NIR) totalled $3.028 billion (\u20ac2.826 billion) in July, up 10% since January, bu ...\" \/>\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\/net-reserves-rose-to-3b-in-july-still-cover-three-months-imports\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Net reserves rose to $3B in July, still cover three months\u2019 imports\" \/>\n<meta property=\"og:description\" content=\"Mozambique\u2019s Net International Reserves (NIR) totalled $3.028 billion (\u20ac2.826 billion) in July, up 10% since January, bu ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-reserves-rose-to-3b-in-july-still-cover-three-months-imports\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-14T19:08:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-14T20:10:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/09\/sm_1694705809.773442.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"478\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-reserves-rose-to-3b-in-july-still-cover-three-months-imports#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-reserves-rose-to-3b-in-july-still-cover-three-months-imports\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Net reserves rose to $3B in July, still cover three months\u2019 imports\",\"datePublished\":\"2023-09-14T19:08:09+00:00\",\"dateModified\":\"2023-09-14T20:10:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-reserves-rose-to-3b-in-july-still-cover-three-months-imports\"},\"wordCount\":512,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-reserves-rose-to-3b-in-july-still-cover-three-months-imports#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/09\/sm_1694705809.773442.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-reserves-rose-to-3b-in-july-still-cover-three-months-imports#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-reserves-rose-to-3b-in-july-still-cover-three-months-imports\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-reserves-rose-to-3b-in-july-still-cover-three-months-imports\",\"name\":\"Net reserves rose to $3B in July, still cover three months\u2019 imports - 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