Mozambique needs stronger local currency

The governor of Mozambique's central bank Ernesto Gove said Friday Mozambique needs to start implementing a number of measures in order to make the national currency stronger.

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The governor said that if there is reduction on the import of basics products and investment in local production, Mozambican economy could see changes namely the strengthening of the national currency the metical against the U.S. dollar.

First Capital Plus' new status brings the total number of commercial banks in the country to 27.

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So, the government challenged private operators to avoid importing products that are already being produced in large quantities in the national territory.

He believed that if well explored the country resources namely economic and agro ecologic, Mozambique could reduce drastically its dependency upon the international market.

“If we join synergies to produce more and progressively reduce the imports and also multiply the activities that generate foreign exchange for the country increasing exports. We could overcome bravery the current challenges for an effective economic and social transformation that could favor an adequate business environment,” said the governor.

The governor challenged the private sector to promote initiatives that could protect national economic growth stronger also to maintain the level of economic growth something he considers possible because the country has conditions for that end.

He recognized that due to the strengthening of the U.S. dollar, Mozambique is going through hard times in its economy, however he appealed for calmness. Enditem

Source: Xinhua

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