Standard Bank’s Economic Studies unit estimates that Mozambique will post 3.5% growth by the end of this year, after having accelerated to 3.4% in the second quarter.
“For the year as a whole, gross domestic product (GDP) growth is expected to stand at 3.5% against the previous year,” analysts write in an investors to which Lusa has had access.
The note by analysts at the British bank, one of the largest operating in Africa, say that the limited volume of imports points to few pressures in terms of foreign currency.
“Foreign currency reserves have been stable at US$3.2 billion since the beginning of the year, covering roughly 7 months of imports, excluding major projects,” they comment. The metical is not expected to very in the value against the dollar greatly, and should remain below 60 meticais per US dollar in the coming months.
“The pressure that pushed the metical to above 60 against the dollar, compared with 58 registered in August, is not expected to persist,” the analysts write.
Source: Lusa
