Identifying Determinants of FX Stability in Mozambique

Author: Samuel Mann and Alexis Meyer-Cirkel

Volume/Issue: Volume 2024 Issue 233

Publication date: November 2024

ISBN: 9798400292828

$20.00

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Topics covered in this book

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Exports and Imports , Finance , Money and Monetary Policy , Mozambique , Foreign Exchange Stability , Exchange Rate Regimes , Central Bank Policy , FX Market Structure , Market Intervention , FX stability , cost structure , development of the foreign exchange , reference rate , MZN exchange rate fluctuation , market participant , FX supply , Exchange rates , Currency markets , Currencies , Imports , Global

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Summary

In early 2021, as monetary policy tightening reversed a multi-year trend of Metical depreciation, the exchange rate vis-à-vis the US dollar de facto stabilized. This report discusses elements of the market structure and other drivers of Metical stability since mid-2021. The particularities of Mozambique, a small open economy with an export sector that has a strong foreign currency cost structure, provide important insights into that discussion, as does the structure and development of the Foreign Exchange (FX) market.