Foreign currency purchases by Mozambican commercial banks from their clients rose 12.5% in the third quarter of 2026, reaching $2.27 billion, compared with $2.02 billion recorded between April and June, according to data from the Bank of Mozambique (BdM).

The BdM’s Monetary Interbank and Foreign Exchange Market Bulletin for the third quarter of 2026, reviewed on Monday (2) by Diário Económico, shows that total foreign exchange turnover between commercial banks and their clients reached $4.89 billion, up from $4.68 billion in the previous quarter, representing growth of approximately 4.7%.

Foreign currency purchases constituted the largest component of these operations, while bank sales of foreign currency to clients rose 1.8%, moving from $2.03 billion to $2.06 billion. By contrast, derivatives transactions fell 11.2%, declining from $628.7 million to $558.2 million over the same period.

In its assessment of foreign exchange market trends, the Bank of Mozambique highlights that the growth in transactions was linked, among other factors, to extraordinary foreign currency conversions and the resumption of liquefied natural gas (LNG) exploration projects.

The report states that the increase in operations occurred in line with seasonal patterns and the behaviour observed in the same period of 2025, reflecting “extraordinary conversions, as well as the resumption of liquefied natural gas exploration projects”.

“The volume of transactions in this market segment increased relative to the previous quarter, in line with seasonal patterns and the same period of 2025, reflecting extraordinary conversions, as well as the resumption of liquefied natural gas exploration projects.” — Bank of Mozambique

On a monthly basis, July recorded the highest volume of foreign exchange operations with clients, totalling $1.77 billion, followed by September with $1.58 billion and August with $1.54 billion. Despite the growth in client-side foreign exchange transactions, interbank foreign currency operations recorded a significant decline in the third quarter of 2026.

According to the document, the volume of interbank operations fell approximately 76.7%, from $16.16 million between April and June to $3.77 million in the July-to-September period. The data show that interbank operations totalled $2.77 million in July and $1 million in August, with no transactions of this nature recorded during September.

In the foreign exchange market, the national currency remained relatively stable against the US dollar during the third quarter of 2026, despite the increase in transactions carried out by commercial banks with their clients. According to the Bank of Mozambique, “the effective and reference exchange rates remained practically unchanged throughout the quarter”, although a slight widening of the spread between the two was observed.

At the end of September, the effective exchange rate stood at 63.91 meticais per dollar, while the reference rate was fixed at 64.13 meticais per dollar. The evolution of the foreign exchange market occurred in a context in which the Monetary Policy Committee (CPMO), at its meeting on 30 September, decided to keep the benchmark monetary policy interest rate, known as the MIMO rate, at 9.25%.

At the same meeting, the central bank introduced changes to the mandatory reserve regime, with the objective of promoting bank financing to companies that contribute to import substitution and the expansion of exports. According to the institution, these decisions were taken against a backdrop of still-slow recovery in economic activity and the persistence of risks associated with climate shocks and international geopolitical tensions.