{"id":59855,"date":"2024-04-28T20:42:57","date_gmt":"2024-04-28T20:42:57","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-assures-that-the-foreign-exchange-market-remains-stable"},"modified":"2024-04-28T21:12:12","modified_gmt":"2024-04-28T21:12:12","slug":"central-bank-assures-that-the-foreign-exchange-market-remains-stable","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-assures-that-the-foreign-exchange-market-remains-stable","title":{"rendered":"Central Bank assures that the foreign exchange market remains stable"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The Bank of Mozambique says its assessment of the current stage of the foreign exchange market indicates that the country remains liquid and stable, considering indicators such as revenue from exports and other factors.<\/p>\n

The information was recently provided by the administrator of the Central Bank, Jamal Luis Omar, in response to concerns raised by the Confederation of Economic Associations of Mozambique during the Business Environment Monitoring Council (CMAN) meeting, which took place last week in Maputo.<\/p>\n

Nelson Mavimbe, president of the Fuel Retailers Association, explains the concern by stating that there are some difficulties in accessing foreign currency in commercial banks and questions why the Central Bank withdrew from participating in the fuel bill alongside retailers.<\/p>\n

He also complained that fuel margins have not been reviewed for over five years.<\/p>\n

Fuel margins are a value defined by law through decree 89\/2019, which aims to ensure adequate return on investment in the business to cover interest rates and other costs.<\/p>\n

\u201cWe have operational costs that are systematically increasing, reaching a situation of unsustainability,\u201d he said.<\/p>\n

Regarding the lack of foreign currency in commercial banks and the withdrawal of the Bank of Mozambique\u2019s participation in the fuel rate, Jamal Omar explains that the Mozambican foreign exchange market is stable, exports continue normally, as do conversion levels.<\/p>\n

\u201cThere is a requirement that up to 30% of export revenue be converted in commercial banks; this measure aims to ensure that commercial banks have liquidity or foreign currency to support their clients in export transactions,\u201d he explained.<\/p>\n

He also clarified that exchange rate statistics point to levels of stability.<\/p>\n

\u201cFrom our assessment, we do not see a situation of disruption, from a global perspective, but we have been receiving information about difficulties in accessing foreign currency by national entrepreneurs in commercial banks,\u201d admitted Omar.<\/p>\n

He stated that this is something the Bank is studying in depth to ascertain the causes of this difficulty. What he can ensure is that if any disturbances or widespread shortage of foreign currency are detected, the Bank will not hesitate to take necessary measures to ensure exchange rate stability.<\/p>\n

Regarding the participation in the fuel bill, Omar informed that the measure was introduced in 2005 because at that time there were export problems in the country, as an alternative while the economy gained maturity.<\/p>\n

\u201cThe withdrawal of the Bank of Mozambique from participating in the fuel bill was a duly studied and well-considered measure, at a time when our economy gained maturity from the perspective of exports, and the banks were duly informed about the exit from this process.\u201d<\/p>\n

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

Africa-Press – Mozambique. The Bank of Mozambique says its assessment of the current stage of the foreign exchange market indicates that the country remains liquid and stable, considering indicators such as revenue from exports and other factors. The information was recently provided by the administrator of the Central Bank, Jamal Luis Omar, in response to […]<\/p>\n","protected":false},"author":84,"featured_media":59853,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-59855","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":"\nCentral Bank assures that the foreign exchange market remains stable - Mozambique<\/title>\n<meta name=\"description\" content=\"The Bank of Mozambique says its assessment of the current stage of the foreign exchange market indicates that the countr ...\" \/>\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\/central-bank-assures-that-the-foreign-exchange-market-remains-stable\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central Bank assures that the foreign exchange market remains stable\" \/>\n<meta property=\"og:description\" content=\"The Bank of Mozambique says its assessment of the current stage of the foreign exchange market indicates that the countr ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-assures-that-the-foreign-exchange-market-remains-stable\" \/>\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=\"2024-04-28T20:42:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-28T21:12:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/04\/sm_1714322358.603466.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"678\" \/>\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\/central-bank-assures-that-the-foreign-exchange-market-remains-stable#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-assures-that-the-foreign-exchange-market-remains-stable\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Central Bank assures that the foreign exchange market remains stable\",\"datePublished\":\"2024-04-28T20:42:57+00:00\",\"dateModified\":\"2024-04-28T21:12:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-assures-that-the-foreign-exchange-market-remains-stable\"},\"wordCount\":450,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-assures-that-the-foreign-exchange-market-remains-stable#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/04\/sm_1714322358.603466.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\/central-bank-assures-that-the-foreign-exchange-market-remains-stable#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-assures-that-the-foreign-exchange-market-remains-stable\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/central-bank-assures-that-the-foreign-exchange-market-remains-stable\",\"name\":\"Central Bank assures that the foreign exchange market remains stable - 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