Bank of Mozambique watchful due to results of bad weather

27 January 2016

Bank of Mozambique (BM) director, Waldemar de Sousa, said in Maputo that the rains that have hit the country since October coupled with an unfavourable international market for the raw materials that Mozambique exports, require that the Bank of Mozambique “remains vigilant”.

Bad weather has affected the north of Mozambique, namely the provinces of Nampula, Cabo Delgado and Niassa, causing casualties and heavy losses in agriculture and infrastructure.

Waldemar de Sousa, who is also the Bank of Mozambique’s spokesman added that, due to drought and floods in the country, the bank has to increase its efforts as the effects of flooding may worsen the risks for internal economic climate.

“Therefore, we consider the macroeconomic objectives for 2016 are challenging, which set an annual inflation of 5.6 percent, a real growth rate of gross domestic product of 7 percent and an adequate level of international reserves,” he said. (macauhub/MO)