Bank of Mozambique wants to see tourism revenues reflected in National Accounts

3 April 2018

The Bank of Mozambique intends to help the authorities have as accurate an understanding of tourism revenues in the country as possible through the creation of mechanisms for institutional coordination and effective implementation of established standards, Deputy Governor Victor Gomes said.

Mozambican daily newspaper Notícias reported that income from tourism services outside the national banking system makes it difficult to get accurate information on tourism revenues in Mozambique, although there are positive signs of its contribution to the balance of payments.

Gomes, speaking in Maputo at the launch of a pilot project for effective revenue stream control, said figures from the last five years showed that the tourism sector had gained relative importance in external sector statistics.

The contribution of tourism revenues to the balance of payments is growing, reaching US$151 million in 2017, an increase of 39.6% compared to the 2016 figures.

According to Gomes, these factors can alter the dynamics of the financial flows between the country and abroad, which is why the Bank of Mozambique remains commited to providing the necessary flexibility for the creation, maintenance and update of standards and instruments that are increasingly adjusted to reality.

The minister for the sector, Silva Dunduro, said that revenues from tourism activities are not yet being fully captured in order to be reflected in the National Accounts System, which led to the launch of this pilot project involving the Ministries of Culture and Tourism, Economy and Finance, the Interior, the Bank of Mozambique and the National Institute of Statistics. (macauhub)