Mozambique’s central bank has continued tightening reserve requirements for commercial banks, pushing mandatory reserves to 308.9 billion meticais (about $4.8 billion) by May, close to 31% of deposits. That level is nearly 400% higher than the 62.1 billion meticais recorded in December 2022. The move reduces metical liquidity and can affect the local currency exchange rate and government bond yields, without involving major international traditional assets.