The Governor of the Bank of Mozambique (BM), Rogério Zandamela, said on Wednesday that the relief of the reserves of the national financial institutions have allowed the financial system to receive $500 million.

According to Zandamela, who was speaking at the opening of the WB Coordinating Council in Nampula, the amount will boost economic recovery efforts in a cloudy environment for various sectors seeking to rebound from the pandemic's setbacks.

Real Gross Domestic Product recorded annual growth of about two percent between May and June, year-on-year inflation remains "within the single-digit band (6%)" and the metical "has appreciated 15% against the US dollar since January."

The WB governor specified that the growth of international reserves also counted "with the recent allocation of Special Drawing Rights by the International Monetary Fund in the equivalent amount of 308 million dollars.

Zandamela's analysis points to the fact that, "despite the deterioration in the credit portfolio, the robust level of capitalization and profitability of the financial system made it possible to meet the challenges imposed by covid-19" including other risks.

Zandamela highlighted the signing of a memorandum of understanding with the French government to implement a technical assistance program to combat money laundering financing of terrorism in order to improve the integrity of the financial system.