Comunicação - Imprensa

Mozambique: State electricity company ends salaries in dollars after criticism

The Mozambican state electricity company (EDM) has eliminated the payment of salaries in dollars, after criticism raised following the company’s announcement of the use of an exchange rate higher than that imposed by the Central Bank.

In a statement it released on Monday, the firm determined the payment of all EDM company salaries in national currency.

The state power company will also convert the remuneration component in US dollars to meticais, at the average reference exchange rate in the market in force on the date of this deliberation.

In the note, it is also announced that EDM cancels a circular of 6 May that fixed an exchange rate of 75 meticais per dollar for the portion that must be paid in dollars of remuneration of certain career structures.

The EDM press release follows the release in the media of a circular in which the company announced it would calculate salaries based on an exchange rate of 75 meticais per dollar, due to the devaluation of the US currency against the Mozambican currency.

The elimination of salaries in dollars was decided at an extraordinary general meeting of the company, which was attended by the State Management and Participation Institute (IGEPE), the manager of the Mozambican state’s holdings, the statement said.

Source: https://clubofmozambique.com/news/mozambique-state-electricity-company-ends-salaries-in-dollars-after-criticism-lusa-191753/