The resumption of liquefied natural gas projects and extraordinary foreign exchange conversions drove a sharp increase in foreign exchange transactions between Mozambican banks in the second quarter, with volumes rising 262.7% from the previous quarter, according to the central bank. According to the latest Interbank Monetary and Foreign Exchange Markets Bulletin for the second quarter… Source
The resumption of liquefied natural gas projects and extraordinary foreign exchange conversions contributed to a sharp increase in foreign exchange transactions between Mozambican banks in the second quarter, with volumes rising 262.7% from the previous quarter, according to the central bank.
According to the latest*** Interbank Monetary and Foreign Exchange Markets Bulletin*** for the second quarter of 2026, published by the Bank of Mozambique, transaction volumes in this segment of the market increased from the previous quarter, “reflecting extraordinary foreign exchange conversions as well as the resumption of liquefied natural gas (LNG) projects”.
The central bank also highlighted that, between April and June, “interbank transaction volumes increased by approximately 262.74% compared with the previous quarter”.
According to the report, spot foreign exchange transactions between commercial banks rose from US$4.46 million in the first quarter to US$16.16 million in the second quarter of 2026.
Source: Interbank Monetary and Foreign Exchange Markets Bulletin / Banco de Moçambique
The increase comes as several initiatives linked to liquefied natural gas resume activity in Mozambique, a sector seen as one of the main future drivers of foreign-currency inflows into the national economy.
Mozambique has three megaprojects approved to exploit liquefied natural gas (LNG) reserves in the Rovuma Basin, classified among the largest in the world, off the coast of Cabo Delgado in the north of the country.
Eni’s Coral Sul project is the only one currently in operation, having started production in 2022. Investment in a second floating production platform, Coral Norte, worth US$7.2 billion (€6.2 billion), was approved last October. From 2028, the platform will allow production to double to seven million tonnes per year, while a third unit is also under consideration.
After four years of suspension due to armed attacks in Cabo Delgado, the US$20 billion (€17.4 billion) Mozambique LNG project (Area 1), operated by TotalEnergies, officially resumed in January and is expected to produce up to 13 million tonnes per year from 2029.
It will be followed by the US$30 billion (€26.1 billion) Rovuma LNG project (Area 4), operated by ExxonMobil, with annual production of 18 million tonnes expected after 2030. A final investment decision on the project is expected in September.
