The governor of the Bank of Mozambique, Rogério Zandamela, said this week that despite the deterioration of the credit portfolio, the "robust level" of capitalization and profitability of the national financial system allowed the country to face the challenges imposed by Covid-19 and other internal and external shocks.

Speaking at the opening of the 46th Advisory Council of the Central Bank held in the city of Nampula, Rogério Zandamela revealed that internally, the country began the year in an environment marked by high risks and uncertainties, resulting from the rapid spread of Covid-19, strong exchange rate pressure, intensification of terrorist attacks in the northern part of the country and the occurrence of natural disasters. In addition, according to Zandamela, the national economy has been marked by the volatility of international commodity prices and the strengthening of the US dollar.

"The combined effect of these factors resulted in the upward revision of our inflation outlook for the current year, which required corrective measures to ensure the macroeconomic and financial system stability of the country," stressed Governor of the Bank of Mozambique.