The Confederation of Economic Associations of Mozambique (CTA), the largest employers' organization in the country, reiterates that the fall in the volume of imports and exports, which has been registered recently, is due to the new currency restriction measures imposed by the Bank of Mozambique (BdM), although the same business sector recognizes that the country is enjoying remarkable currency stability.

"Despite the stability of the exchange rate, the increase in net international reserves to support imports of goods and services, the worsening of access to foreign currency on the domestic market has been a negative factor that influences transactions," said the president of the CTA, Agostinho Vuma, at the 15th edition of the Economic Briefing, which took place yesterday, Wednesday (14), in Maputo.

For Agostinho Vuma, the reduction in the availability of foreign currency on the domestic market has substantially influenced the fall in exports, the payment of import invoices by domestic companies, among other things.

"The trend in the volume of imports, as can be seen from the average monthly drop of 2.3% from January to February, and 25% in the first quarter of 2024 compared to the same period in 2023," he added, quoted by the AIMHe stressed that the basis for the generation of foreign currency is exports, which in his opinion show weaknesses.

Meanwhile, with the exception of major projects, the coverage of exports over imports stands at 20%, so the supply deficit without major projects reaches 80%.

(Photo DR)