Maputo, Sept. 14, 2026 (Lusa) - Mozambique's Net International Reserves (NIR) stood at $3.436 billion (€2.908 billion) in July, the lowest level in at least 12 months, according to data from the Bank of Mozambique.
According to the central bank's latest statistical report, which Lusa accessed today, the volume of NIR fell to $3.463 billion (€2.931 billion) from the previous month, marking two consecutive months of decline.
The reserves consist of foreign currency held by the central bank and are used, amongst other purposes, to cover the Mozambican economy's import requirements for goods and services, which currently amount to four months' worth.
The July figure represents the lowest level since at least the same period last year, according to the statistical series provided by the Bank of Mozambique.
The Mozambican Ministry of Finance had previously confirmed that it had made a «full and early repayment» of $698,587,604 (€630 million) on 23 March, settling loans taken out under the Poverty Reduction and Growth Trust (PRGT) of the International Monetary Fund (IMF), using the country's international reserves.
Prior to this operation, these reserves stood at a record $4.258 billion (€2.908 billion) at the end of last February.
The then Governor of the Bank of Mozambique, Rogério Zandamela, stated on 25 May that the government's decision to bring forward the full repayment of €630 million in debt to the IMF had not affected the institution's accounts, «on the contrary».
«The Bank of Mozambique has remained strong, resilient, and secure as a result of this decision. I would even say the opposite. Today we are in a secure position; given certain risks that were emerging, we are in a far better position than we would have been had we not taken this decision,» he said when questioned by journalists.
«We continue to have an extremely comfortable level of reserves. It currently stands at practically five months' worth of imports, which is very high, so that it remains strong. When the decision was made, we were in an extremely comfortable position – and we remain so,» replied Zandamela, regarding the impact of using the RIL to bring forward that payment, and not in relation to any other debt.
«The most important thing here, for us as the Bank of Mozambique, as custodians of these reserves, is that the decision, and I want to emphasise this very strongly, to repay the IMF has in no way weakened the Bank of Mozambique's balance sheet,» he stressed.
Mozambique's president, Daniel Chapo, described the decision to settle the debt equivalent to €630 million owed to the IMF in full and ahead of schedule, using the reserves, as «courageous» at the time.
«This courageous decision should be viewed in a positive and strategic light, as an unequivocal sign of macroeconomic responsibility and the strengthening of Mozambique's international stability. And because, equally, the dignity of a people is priceless,» said Chapo.
Despite the size of the RIL, business leaders report challenges accessing foreign currency for imports. The president of the Confederation of Economic Associations (CTA) of Mozambique, Álvaro Massingue, previously described the situation as an «economic emergency».
«The foreign exchange shortage is now an economic emergency. Companies need foreign currency to import raw materials, fulfil contracts and grow,» said Massingue.
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