International Reserves Management

1. Institutional Framework

In accordance with Article 3 (2) (c) of Law No. 1/92 (Organic Law of the Banco de Moçambique), the Banco de Moçambique (BM) is responsible for the management of the Gross International Reserves (GIR) of the Republic of Mozambique. This Law confers on the central bank the responsibility to safeguard and manage the country's external cash and cash equivalents, in order to maintain an adequate volume of means of payment necessary for international trade.


Specifically, and with regard to set strategic and operational objectives, the BM maintains and manages GIR, so as to essentially meet the following needs:

  • Ensuring that the country is able to absorb shocks from the Balance of Payments;
  • Maintaining the confidence of economic actors in the country's monetary and exchange rate policies;
  • Protecting the national economy in the event of disasters or external shocks.

2. Governance of International Reserves Management at the Banco de Moçambique

GIR management is grounded on a solid governance system, comprising a well-defined hierarchy of decision-making bodies, and a system of control and results measurement, as well as permanent investment monitoring.


The reserves management process follows a decision-making chain and organizational structure made up of the following bodies and organizational units:

  1. The Board of Directors (CA);
  2. The Subcommittee on International Reserves Management (SGR); and
  3. Markets and Reserves Management Department.