Maputo, May 26, 2026 (Lusa) – Mozambique's foreign currency shortage caused the closure of more than 500 companies and the loss of around 15,000 jobs, based on a study released on Tuesday by the Centre for Public Integrity (CIP).
"The core motivation of this study lies in the persistent shortage of foreign currency that we have been monitoring and the stability of the exchange rate, which is misaligned with market conditions," Tereza Boene, a researcher from the non-governmental organisation (NGO), said in Maputo.
She revealed these findings during the presentation of the analysis on the Macrofiscal Impacts Associated with the Persistent Shortage of Foreign Currency and the Exchange Rate in Mozambique (1990-2024). Data gathered from interviews with business managers and private-sector associations indicate that difficulties in accessing foreign currency reduced companies' import capacity by approximately 40%, directly affecting production and economic activity.
"Also, from the data we accessed, there was a closure of more than 500 companies," she said, pointing to the loss of more than 15,000 jobs as a direct consequence.
Families face the consequences of this crisis, with an estimated 75,000 people affected, based on the average national household size of five members.
"Limited access to foreign currency is reducing household income, consumption, and economic activity in general," Boene said, underlining that the most vulnerable groups feel the effects most acutely.
The study revealed worrying macroeconomic trends between 1990 and 2024, she said, highlighting a slowdown in economic growth, a sustained inflation rate of around 9% per year, and a gradual depreciation of the national currency.
The analysis highlighted the central role of the exchange rate in the country's economic dynamics, she said, stressing that its evolution had direct impacts on key variables, contributing to a generalised rise in prices, a reduced growth rate, and an increase in public debt.
She said that empirical results indicate measurable effects: a 1% increase in the exchange rate could reduce economic growth by around 0.65% and increase inflation by approximately 0.3%. This demonstrates Mozambique's economy's vulnerability to exchange rate shocks.
Boene highlighted the need for structural measures to reduce the country's vulnerability in light of these results. She stressed that boosting domestic production is essential to decreasing import dependency and easing pressure on foreign currencies.
She highlighted the need for economic diversification, industrial development, and increased export capacity. Furthermore, she said that investment in productive infrastructure, energy, and transport remains vital to sustain growth.
The total volume of reserve requirements for Mozambican banks grew 7.5% during the first quarter to 241.872 billion meticais (€3.256 billion), based on data from the Bank of Mozambique.
Commercial bank reserve requirements held at the central bank had reached a record 291.457 billion meticais (€3.923 billion) in December 2024, immediately before the central bank eased restrictions in January 2025, based on the latest statistical report consulted by Lusa.
Mozambican business owners have insisted since 2024 that the central bank must ease foreign currency reserve requirement ratios to address the lack of foreign currency in the domestic market.
LCE/RYOL // ADB.
Lusa
