The Government says it is studying the feasibility of acquiring fuel from Russia, which is currently available to supply the domestic market at affordable prices and, consequently, minimize the high cost of living. The pronouncement takes place a week after the opening of Russia, in selling those products and not only, but using the Ruble (Russian currency). “If there is such an offer, naturally we will check and study the feasibility. If there is feasibility, they will certainly be acquired”, stated the Minister of Mineral Resources and Energy, Carlos Zacarias. The Governor’s statements took place on the sidelines of the VII Coordinating Council of the Ministry and a week after Russia, through its Ambassador in Mozambique, showed its willingness to trade oil products, cereals, fertilizers, among others with Mozambique, but upon payment in Ruble. If effective, the trade could reduce the current high cost of living caused mainly by the rise in fuel prices (which extends to other products), a reflection of international oil inflation due to the war between Russia and Ukraine. For trade to take place between the two countries, it will be necessary for the Central Bank, on the Mozambican side, to buy rubles from the Russian Central Bank or where it exists. However, in the view of senior economist, manager and academic, João Mosca, the Bank of Mozambique currently does not have large reserves to materialize trade, allegedly because the ruble is a lesser currency outside Russia and, as has happened in other countries, central banks hold reserves in currencies of international circulation e/or of main trading partners. In our case, it is mainly the Dollar, Euro and Rand. In an interview with “Carta”, the economist says that the Bank of Mozambique can buy the ruble wherever it exists, but it could be at a relatively high price because it is a currency of lesser “expression” outside Russia, at a time when, on the one hand, , there is greater demand for the money from main partners (after trade sanctions from the West) and the fact that there is currently greater demand outside Europe for Russian products as they are more accessible. (Evaristo Chilingue) Source: Carta de Moçambique

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