Businesspeople and economists are congratulating the Central Bank for deciding that foreign currency earnings must be converted into at least 50%. This is a measure that will ensure that there is more foreign currency on the market. 

According to data from the Confederation of Economic Associations of Mozambique, more than 60 national companies have been waiting for the release of foreign currency for more than three months. This is why entrepreneurs think that the latest measure will be a relief. The only problem with the measure is that it will be implemented in the short term.

With regard to the conversion of re-export revenues, with a view to the banks fully converting revenues from the re-export of oil products, Vuma sees the measure as a sharing of responsibilities.

In the view of economist Hélio Cissa, the Bank of Mozambique's measures could strengthen the presence of foreign currency in the country and restore purchasing power to families. Meanwhile, economist Clésio Foia has a more pronounced view of the benefits of these measures. For the economist, the current scenario will force large companies to retain part of their earnings in the national financial system.

In short, the measure is seen as the Bank of Mozambique giving in to the complaints of the private sector. (O País)

According to a statement from the Bank of Mozambique, the measure will allow commercial banks to have more dollars to make available on the foreign exchange market.

"The Bank of Mozambique, in its capacity as foreign exchange authority, has approved a notice that increases the conversion rate of income from the export of goods and services and income from investment abroad from the current 30% to 50%," the document reads.