06/01/2015 - Mozambique has US$2.8 billion in foreign reserves

Mozambique has US$2.8 billion in foreign reserves

January 5th, 2015. Mozambique had foreign reserves totalling US$2.8 billion on 12 December 2014, after placing US$1.114 billion on the market, said the Bank of Mozambique. The central bank also said net foreign reserves would cover about 4 months of imports of goods and services, excluding the transactions of major projects.

“We note that in 2014 Mozambique saw capital gains on transactions by some dealers who explore mineral resources with non-resident companies, amounting to US$520 million, a sum that cushioned the adverse impact on international reserves,” said the Governor of the Central Bank, Ernesto Gove. The drop in foreign reserves in 2014 was explained by several factors, especially the cost of liquid fuels, paying for imports ahead of time, and a significant deficit and/or the failure to meet the disbursement schedule of foreign aid funds. Internationa reserves also fell due to exchange rate fluctuations arising from a stronger US dollar in the international market compared to other assets that are denominated in international reserves (gold and the euro). In the first nine months of last year Mozambique received capital in the form of foreign direct investment of around US$3.316 billion, compared with US$4.885 billion recorded in 2013, most of which (52 percent) for major projects in the extractive industries. (macauhub/MZ)

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