Maputo, Mozambique, 13 Jan – On 31 December, 2008 the Bank of Mozambique held foreign net reserves of US$1.606 billion, which was enough to cover the country’s imports for five months, Mozambican newspaper Noticias reported.
Citing a statement from the Monetary Policy Committee of the Bank of Mozambique, the paper reported that the sum was above the target initially set for the period, as initial forecasts pointed to a sum of US$589 million.
In December 2008 the Bank of Mozambique provided the foreign exchange market with cash totalling US$86.2 million, which contributed to an average exchange rate for the metical against the US dollar of 25.09 meticals on 31 December.
With this intervention, the metical saw a monthly and yearly depreciation against the dollar of 2.03 percent and 6.09 percent, respectively. (macauhub)