{"id":49066,"date":"2023-10-24T08:34:03","date_gmt":"2023-10-24T08:34:03","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-international-reserves-rise-to-more-than-3-087b-in-september"},"modified":"2023-10-24T09:11:36","modified_gmt":"2023-10-24T09:11:36","slug":"net-international-reserves-rise-to-more-than-3-087b-in-september","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-international-reserves-rise-to-more-than-3-087b-in-september","title":{"rendered":"Net international reserves rise to more than $3.087B in September"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Mozambique\u2019s Net International Reserves (NIR), which are needed for imports of goods and services, grew slightly in September, to more than $3.087 billion (\u20ac2.917 billion), due to provisioning in banks, according to official figures.<\/p>\n

According to a statistical report from the Bank of Mozambique, to which Lusa had access on Friday, these reserves \u2013 in foreign currency \u2013 totalled almost $3.081 billion (\u20ac2.911 billion) at the beginning of the month, and the growth was driven by the \u201cprovisioning of banks\u201d, obliged to build up reserves, which grew by $246.7 million (\u20ac233 million) in the space of a month.<\/p>\n

In addition, these figures \u2013 which total an absolute increase of $6.3 million (\u20ac5.9 million) in reserves compared to the end of August \u2013 include a further $15.2 million (\u20ac14.4 million) for projects in the country and $24.1 million (\u20ac22.8 million) in miscellaneous purchases of foreign currency.<\/p>\n

Among the $237.7 million (\u20ac225.4 million) of outflows from reserves in September, more than $100 million (\u20ac94.8 million) came from transfers made by banks and $96 million (\u20ac91 million) related to servicing Mozambican debt, among others.<\/p>\n

Mozambique ended September with enough reserves to cover 3.2 months of expected import needs for this year, which rises to 3.9 months \u201cexcluding major projects\u201d, according to the Bank of Mozambique.<\/p>\n

Last 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 of fuel to importers from 100% to 60%.<\/p>\n

In the 2023 budget, the Mozambican government set itself the goal of building up Net International Reserves of $2,936 billion (\u20ac2.686 billion), \u201ccorresponding to three months\u2019 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 (IMF) announced in July.<\/p>\n

\u201cGross international reserves cover almost 4.3 months of imports [end-2022], which is above the commonly recommended minimum buffer\u201d of \u201cat least three months,\u201d says an IMF report on the final approval of the review of the Extended Credit Facility (ECF) for Mozambique.<\/p>\n

The report adds that Mozambique\u2019s international reserves have been \u201cfalling since the beginning of 2021\u201d and reached $2.9 billion (\u20ac2.580 billion) at the end of last year.<\/p>\n

The IMF recognises the impact of the \u201chigh costs\u201d of fuel imports on Mozambique\u2019s international reserves, given the supply of 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 document notes.<\/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), which are needed for imports of goods and services, grew slightly in September, to more than $3.087 billion (\u20ac2.917 billion), due to provisioning in banks, according to official figures. According to a statistical report from the Bank of Mozambique, to which Lusa had access on Friday, these […]<\/p>\n","protected":false},"author":84,"featured_media":49065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-49066","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 international reserves rise to more than $3.087B in September - Mozambique<\/title>\n<meta name=\"description\" content=\"Mozambique\u2019s Net International Reserves (NIR), which are needed for imports of goods and services, grew slightly in Sept ...\" \/>\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-international-reserves-rise-to-more-than-3-087b-in-september\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Net international reserves rise to more than $3.087B in September\" \/>\n<meta property=\"og:description\" content=\"Mozambique\u2019s Net International Reserves (NIR), which are needed for imports of goods and services, grew slightly in Sept ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-international-reserves-rise-to-more-than-3-087b-in-september\" \/>\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=\"2023-10-24T08:34:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-24T09:11:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/10\/sm_1698125611.565559.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"775\" \/>\n\t<meta property=\"og:image:height\" content=\"545\" \/>\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=\"2 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-international-reserves-rise-to-more-than-3-087b-in-september#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-international-reserves-rise-to-more-than-3-087b-in-september\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Net international reserves rise to more than $3.087B in September\",\"datePublished\":\"2023-10-24T08:34:03+00:00\",\"dateModified\":\"2023-10-24T09:11:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-international-reserves-rise-to-more-than-3-087b-in-september\"},\"wordCount\":410,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-international-reserves-rise-to-more-than-3-087b-in-september#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/10\/sm_1698125611.565559.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-international-reserves-rise-to-more-than-3-087b-in-september#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-international-reserves-rise-to-more-than-3-087b-in-september\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-international-reserves-rise-to-more-than-3-087b-in-september\",\"name\":\"Net international reserves rise to more than $3.087B in September - 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