– Import companies at risk of closure due to lack of foreign currency
– CTA to submit copies of unpaid invoices to Central Bank within the next week
By Aurélio Muianga
Maputo (MOZTIMES) – In the third quarter of 2024, several import invoices for goods destined for Mozambique were left unpaid by commercial banks due to a shortage of foreign currency in the country.
The accumulated value of unpaid invoices during this period amounted to USD 402 million, according to Agostinho Vuma, president of the Confederation of Mozambican Business Associations (CTA), the country’s largest business association.
Speaking to journalists this Thursday in Maputo, Vuma explained that the foreign currency shortage in commercial banks persists, and many companies are currently at risk of shutting down due to difficulties in obtaining foreign currency to pay for import invoices.
The Bank of Mozambique denies the existence of a foreign currency shortage. However, the CTA announced that it would gather copies of import invoices in foreign currency that have been pending for more than three months and awaiting payment by commercial banks. These invoices will be submitted to the Central Bank within a week. With this action, the CTA aims to prove that there is indeed a shortage of foreign currency and that the situation is affecting business operations.
Presenting last year’s data, Vuma stated that the volume of liquidity swaps in foreign currency between commercial banks hit historic lows in the second quarter of 2024, with an estimated value of 5.5 million dollars. “This is an early indicator that liquidity is constrained within the system”, Vuma explained.
According to the data presented by Vuma, from the first to the third quarter of 2024, commercial banks purchased more foreign currency from their clients, while sales to clients decreased.
“Purchases of foreign currency by commercial banks rose by 18% compared to sales to clients,” said Vuma,. He claimed this indicates that “liquidity has been hoarded by commercial banks.”
Vuma further detailed that, in 2024, commercial banks absorbed approximately USD 1.8 billion in foreign currency liquidity from their clients on a cumulative basis. (AM)
