The Confederation of Economic Associations of Mozambique (CTA) warned in a statement of the growing currency crisis in the country, revealing that 63 companies reported difficulties in making payments abroad, adding up to a deficit of 373 million dollars. CTA considers the situation serious and is asking the Bank of Mozambique (BM), an institution that strongly refutes the claim that there is a currency crisis in the country, for urgent measures to alleviate the shortage of foreign currency, at the risk of an even greater impact on the economy and employment.
As a solution, the CTA proposes that the government pressure the big companies in the extractive sector to repatriate part of their revenues, a measure which it estimates could inject 500 million dollars into the foreign exchange market and ease the pressure on imports.
(Source integrity magazine)
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