Mozambique’s economy recovering, says the central bank’s governor

20 September 2018

Mozambique’s economy is recovering and major economic indicators show signs of a return to normality after a troubled period between 2014 and 2016, the governor of the central bank said in Maputo.

Rogério Zandamela, speaking at the opening of the 5th Oversight Meeting of the central banks of the Portuguese-speaking countries, said the recovery, visible through the improvement of economic performance and diversification, was the result of applying monetary and fiscal policy measures.

Inflation declined sharply, falling below 5% in the last eight months, international reserves recovered to around seven months of import coverage and the Gross Domestic Product, although still below its potential, registered a growth rate of 3.7% in 2017 and 3.4% in the first half of this year.

The metical exchange rate against the dollar stabilised at around 60 meticais, after reaching 80 meticais in 2016 and the Mozambican financial sector remains solid and robust, said the governor of the Bank of Mozambique, quoted by Portuguese news agency Lusa. (macauhub)