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Mozambique does not get the attention it deserves from international business.

That is starting to change. The country's import demand is shaped by major project cycles and growing urban consumption. Refined petroleum, pharmaceuticals, wheat, machinery, and construction materials make up the bulk of imports, with South Africa, China, India, and the UAE as the primary source markets (OEC, 2024). For FMCG companies, building materials suppliers, agricultural input providers, and industrial manufacturers, Mozambique represents a genuine opportunity.

But most companies entering, or expanding in, Mozambique make the same mistake: they apply their standard emerging market playbook and assume the settlement infrastructure works the same way it does in Kenya or South Africa.

It does not.

What makes Mozambique's settlement environment distinctive

Three things stand out for businesses trading into this market.

The metical (MZN) operates under what the IMF classifies as a crawl-like arrangement. While formally designated as floating, the Banco de Moçambique publishes a reference rate that effectively anchors the market. Commercial banks set their own rates, but in practice these cluster closely around the BdM reference. The metical has remained remarkably stable against the USD since mid-2021, staying within roughly a 2% band (IMF Working Paper WP/24/233, 2024). For treasury teams, this means the rate itself is relatively predictable, but accessing USD at that rate through authorised dealers is where the real planning is required. Converting MZN to USD requires going through authorised dealers licensed by the Banco de Moçambique, and liquidity moves on its own timeline (Banco de Moçambique, 2024). If your treasury team is accustomed to same-day FX execution in more liquid markets, Mozambique requires a different approach.

USD liquidity is tied to commodity and project cycles. Mozambique's USD inflows come primarily from natural gas (which overtook coal as the top export in Q1 2025), coal, aluminium, and heavy mineral sands (Club of Mozambique, 2025). These flows are lumpy and seasonal. When commodity prices or production dip, the queue for USD at authorised dealers grows. This is the normal operating environment, not a crisis. But it requires planning.

Compliance standards are tightening. The Banco de Moçambique issued new foreign exchange regulations in 2024, including Notice No. 3/GBM/2024 on FX operation standards and Notice No. 5/GBM/2024 on repatriation and conversion of export earnings (BdM, 2024). Companies that rely on informal channels or creative workarounds face increasing risk. In our experience, the operators building fully compliant structures from the outset tend to be the ones best positioned over the longer term.

What this means in practice

For businesses importing into or exporting to Mozambique:

Budget for settlement time, not just FX rates. Your cost model should account for the time value of delayed settlement, not just the rate on the day. This applies equally to suppliers waiting for payment and importers waiting for goods.

Build relationships with multiple authorised dealers. Diversification matters. A single banking relationship creates concentration risk in a market where USD availability varies.

Consider a principal based settlement partner. Rather than managing the FX process internally, work with a counterparty who takes on the settlement obligation. This converts an operational challenge into a commercial relationship, benefiting both importer and supplier.

Invest in local knowledge. Mozambique's regulatory environment is navigable, but it requires people who understand the BdM framework, the dealer landscape, and the practical realities on the ground.

The opportunity is real, but context matters

Mozambique's fundamentals are compelling, with important caveats.

Major infrastructure projects continue to drive import demand, including the US$2.1 billion Port of Maputo expansion and the Temane power plant (US Trade.gov, 2025). LNG development is resuming after years of delay: TotalEnergies and ExxonMobil have both lifted force majeure on their projects, with first LNG cargoes expected from 2029 onwards (SPE, 2025). FDI grew 44.7% in the first nine months of 2024, reaching US$2.8 billion (Club of Mozambique, 2024).

At the same time, the economy has faced headwinds. Post election disruption in late 2024 slowed growth, and the World Bank projected GDP growth of 1.8% for 2025 (World Bank, 2025). This is a market where timing, structure, and local relationships matter as much as the headline opportunity.

In our observation, the companies that tend to perform well here are not necessarily those with the lowest FX rate. They tend to be those with the most reliable settlement infrastructure — the ones whose suppliers know they will get paid, and whose local teams know goods will keep moving.

This is the challenge Rahri was established to address. We are active in Mozambique today, working with importers and their international suppliers to provide settlement certainty through compliant, licensed channels. If you are evaluating Mozambique as a market, or already operating there and dealing with settlement friction, we would welcome a conversation.

Sources:

Rahri is a trading house providing settlement certainty for frontier markets. We operate in Mozambique and Malawi, with expansion to additional African markets in 2026.