Mozambique: Banks propose restrictions on e-commerce platforms amid foreign currency outflow concerns – O País

Some commercial banks in Mozambique have proposed limiting transactions on online sales platforms amid concerns about foreign currency outflows and pressure on foreign exchange reserves, according to a report byO País. The banks reportedly said online commerce platforms have increasingly been used to make international payments, which in some cases are difficult to trace. They warned this could contribute to the outflow of foreign currency abroad or strengthen the parallel market.

The measure restricting transactions has not yet been approved by the Bank of Mozambique, nor has it been officially analysed by the authorities. Economists Octávio Manhique and Moisés Nhanombe warned that a decision of this nature could put the normal functioning of the market at risk. Both said that if the Bank of Mozambique were to approve the proposal, the impacts on the national economy could be significant.

Manhique said the issue should be analysed carefully, as it involves structural and regulatory factors. He noted that the liberalisation of current transactions introduced in recent years brought benefits to the market, but also allowed less transparent practices. “The liberalisation has its less positive side, because people become inventive and always look for mechanisms to carry out unauthorised operations,” he said.

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He added that the financial system needs more robust control mechanisms to deal with these situations. The fact that commercial banks have advanced the proposal could be seen as a warning to regulatory authorities. “If commercial banks are now publicly suggesting limitations, they probably have quantitative data showing that there is a problem that needs to be addressed,” Manhique said.

Manhique cautioned that a blanket blocking of digital platforms could harm the economy. E-commerce has been growing in Mozambique and is an important tool for consumers, small businesses and independent professionals who depend on these platforms for products and services. “Closing the entire online market could create a catastrophe for a small economy like ours, because many activities today depend on these platforms,” he said. In this context, measures such as limiting certain transactions or centralising the import of some products could be interpreted as temporary steps to curb foreign currency outflows.

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