Mozambique’s Net International Reserves (NIR) fell in January to $3.676 billion (€3.397 billion), the lowest figure in six months, according to official central bank data compiled by Lusa on Tuesday.
According to a statistical report from the central bank, the reserves – in foreign currency – had recorded their previous low in June 2024, when they fell to $3.647 billion (€3.369 billion).
Between December and January alone, these reserves fell by almost 2%, compared to $3.740 billion (€3.456 billion) at the end of 2024.
These reserves, which mean that companies can pay abroad for goods and services, had grown in January 2024 to almost $3.601 billion (€3.325 billion), which was then the highest figure since September 2021, and in July they reached $3.807 billion (€3.515 billion), a record in three years.
The governor of the central bank said on 8 November that the country’s foreign currency reserves are comfortable, but that they are not to be “burned”, despite the constant claims by businesspeople about the lack of foreign currency on the market.
“We’re not burning reserves and we’re not burning reserves. They are still there to allow our country and our institutions to function normally,” said Rogério Zandamela.
Source: Lusa
