The Governor of the Bank of Mozambique (BM), Rogério Zandamela, said that annual inflation stood at 6% in September this year, and that the metical appreciated by 15.0% against the dollar during the three quarters of 2021.

Zandamela said that the results of the national economy's performance were conditioned by internal and external factors.

For the Governor their combined effect "resulted in the upward revision of our inflation outlook for the current year, which required corrective measures to ensure macroeconomic and financial system stability in the country." The Governor was speaking during the opening ceremony of the WB's 46th Advisory Council.

Among the internal factors mentioned by Zandamela were the risks and uncertainties due to the spread of Covid-19, strong exchange rate pressure, and the intensification of terrorist attacks in Cabo Delgado. The external influence had to do with new waves of the pandemic, volatility of international commodity prices and the strengthening of the U.S. dollar against other currencies.

On the other hand, these factors influenced the upward revision of monetary policy interest rates, "from 10.251TP2Q to 13.251TP2Q"

The WB says it has strengthened the country's external position, with gross international reserves maintained at comfortable levels, allowing it to cover more than six months of imports.

"The increase in our international reserves also counted on the recent allocation of Special Drawing Rights (SDRs) by the International Monetary Fund (IMF) in the equivalent amount of USD 308 million," Zandamela explained.

The WB has recently approved the regulatory framework that creates the Número Único de Identificação Bancária (NUIB) (Unique Bank Identification Number) so that each client of the banking system is identified from a single individual number that will be used by all credit institutions and financial companies operating in Mozambique.