{"id":53051,"date":"2023-12-29T20:28:03","date_gmt":"2023-12-29T20:28:03","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-international-reserves-grew-1-5-in-november-to-3-07b"},"modified":"2023-12-29T21:34:19","modified_gmt":"2023-12-29T21:34:19","slug":"net-international-reserves-grew-1-5-in-november-to-3-07b","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-international-reserves-grew-1-5-in-november-to-3-07b","title":{"rendered":"Net international reserves grew 1.5% in November to $3.07B"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Mozambique\u2019s net international reserves (NIR), which are needed for imports of goods and services, grew by 1.5% in November, to almost US$3.070 billion (\u20ac2.763 billion), due to the provisioning of banks, according to official figures.<\/p>\n

According to a statistical report from the Bank of Mozambique, to which Lusa had access on Thursday, these reserves \u2013 in foreign currency \u2013 totalled US$3.024.8 billion (\u20ac2.722.7 billion) at the beginning of November and the growth was driven by the \u201cprovisioning of banks\u201d, which are obliged to set aside reserves, which grew by US$165.3 million (\u20ac148.8 million) in the space of a month.<\/p>\n

In addition, these figures \u2013 which total an absolute increase of US$44.9 million (\u20ac40.7 million) in reserves compared to the end of October \u2013 include a further US$15.7 million (\u20ac14.1 million) for projects in the country and US$18.5 million (\u20ac16.6 million) in miscellaneous purchases of foreign currency.<\/p>\n

Among the US$234.5 million (\u20ac211 million) in outflows from reserves in November, US$151.8 million (\u20ac136.6 million) came from transfers made by banks and US$21.7 million (\u20ac19.5 million) related to servicing Mozambican debt, among others.<\/p>\n

Mozambique closed the month of November with enough reserves to cover 3.1 months of expected import needs for this year, which rises to 3.8 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 to fuel importers from 100% to 60%.<\/p>\n

In the 2023 state budget, the Mozambican government set the goal of building up net international reserves of US$2.936.6 billion (\u20ac2.686 billion), \u201ccorresponding to three months\u2019 coverage of imports of goods and non-factorial 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 of 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 US$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 by 1.5% in November, to almost US$3.070 billion (\u20ac2.763 billion), due to the provisioning of banks, according to official figures. According to a statistical report from the Bank of Mozambique, to which Lusa had access on Thursday, […]<\/p>\n","protected":false},"author":84,"featured_media":53050,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-53051","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 grew 1.5% in November to $3.07B - Mozambique<\/title>\n<meta name=\"description\" content=\"Mozambique\u2019s net international reserves (NIR), which are needed for imports of goods and services, grew by 1.5% in Novem ...\" \/>\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-grew-1-5-in-november-to-3-07b\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Net international reserves grew 1.5% in November to $3.07B\" \/>\n<meta property=\"og:description\" content=\"Mozambique\u2019s net international reserves (NIR), which are needed for imports of goods and services, grew by 1.5% in Novem ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-international-reserves-grew-1-5-in-november-to-3-07b\" \/>\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=\"2023-12-29T20:28:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-29T21:34:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/12\/sm_1703872643.396871.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"784\" \/>\n\t<meta property=\"og:image:height\" content=\"588\" \/>\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-grew-1-5-in-november-to-3-07b#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-international-reserves-grew-1-5-in-november-to-3-07b\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Net international reserves grew 1.5% in November to $3.07B\",\"datePublished\":\"2023-12-29T20:28:03+00:00\",\"dateModified\":\"2023-12-29T21:34:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-international-reserves-grew-1-5-in-november-to-3-07b\"},\"wordCount\":420,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-international-reserves-grew-1-5-in-november-to-3-07b#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/12\/sm_1703872643.396871.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-grew-1-5-in-november-to-3-07b#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-international-reserves-grew-1-5-in-november-to-3-07b\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/net-international-reserves-grew-1-5-in-november-to-3-07b\",\"name\":\"Net international reserves grew 1.5% in November to $3.07B - 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