WINDHOEK, Oct 1 – The Banco de Moçambique kept its benchmark interest rate unchanged at 9.25%, while new Governor Felisberto Navalha announced measures designed to increase foreign exchange supply in an economy that has faced persistent shortages.
The decision, announced on Wednesday, marked Navalha’s first monetary policy announcement since taking over as governor.
Alongside maintaining the policy rate, the central bank introduced an incentive aimed at encouraging companies to reduce their reliance on imported goods and services.
Under the new measure, commercial banks will be permitted to exclude loans extended to companies that reduce their import dependence from the calculation of minimum statutory reserve requirements in the national currency, Navalha told reporters.
The measure is intended to encourage lending to businesses that can substitute imports with locally produced goods, while also supporting efforts to improve the availability of foreign currency.
Mozambique has faced foreign exchange shortages for several months, creating challenges for businesses that depend on imported inputs and contributing to pressure on access to hard currency.
The central bank’s decision to maintain the 9.25% policy rate indicates that monetary conditions remain unchanged even as policymakers introduce targeted measures to address foreign exchange constraints.
The new framework places greater emphasis on the banking sector’s role in directing credit toward businesses capable of reducing import dependence and potentially easing pressure on the country’s foreign exchange requirements.
