Systematic risks in the financial sector may reduce with the improvement that the Bank of Mozambique (BM) intends to implement in its macro prudential policy (related to the financial stability of banks), which will, however, require incessant monitoring of international dynamics. "We also have the perception that by introducing a combination framework...
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Financial Inclusion Index dropped to 12.76 points in 2021
The Financial Inclusion Index (IIF) in Mozambique for last year recorded a negative variation, dropping to 12.76 points, according to the report on the degree of compliance with financial inclusion targets from the Bank of Mozambique (BM). The reduction in points of access to financial services was influenced, above all, during the year, by the...
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May 3, 2022May 3, 2022Latest, Economy, National, Technology & Innovation
Bank of Mozambique to invest in digitalization of payment systems
The Bank of Mozambique (BM) is making efforts to implement a National Payments System (NPS) which, among others, should create conditions to accelerate the digitalization of the entire payment system, according to the administrator of the institution, Gertrudes Tovela. According to her, this is a path through which the...
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It is more expensive to take out a bank loan in Mozambique
The Monetary Policy Committee of the Bank of Mozambique (CPMO) has decided to increase the Interbank Money Market Rate (MIMO) from 13.25% to 15.25 percent, according to a note from the Bank of Mozambique (BM). The MIMO rate is used by the central bank for its interventions in the interbank money market to regulate liquidity. "O...
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BM presents its Strategic Plan 2021/2023
The Bank of Mozambique (BM) on Tuesday unveiled its new Strategic Plan (SP) for the three year period 2021-2023, which should focus its activities on monetary stability; financial stability and inclusion; efficiency and security of the national payment system; and, corporate governance and management. The first strategic pillar 'Monetary Stability', according to the document in...
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BM launches tender for new Fintechs
The Bank of Mozambique (BM) launched last week the third edition of the "Regulatory SandBox" for new Financial Technologies (Fintechs), and there are ten vacancies available, and until last Friday there were already 18 applications. This is an initiative of the Central Bank for the promotion of the National Strategy for Financial Inclusion...
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November 4, 2021November 4, 2021National
Mozambique raises USD 500M with reserve relief
The Governor of the Bank of Mozambique (BM), Rogério Zandamela, said on Wednesday that the relief of reserves of national financial institutions have allowed the financial system to receive US$500 million. According to Zandamela, who was speaking at the opening of the WB Coordinating Council in Nampula, the amount will boost economic recovery efforts, in a...
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Inflation stands at 6% in the third quarter, according to the WB
The Governor of the Bank of Mozambique (BM), Rogério Zandamela, said that annual inflation stood at 6% in September this year, and that the metical appreciated by 15.0% against the dollar during the three quarters of 2021. Zandamela said that the results of the national economy's performance were conditioned by internal factors and...
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Reference interest rate remains at 18.6% next month
The Mozambican Association of Banks (AMB) said Friday that the "Prime Rate" reference interest rate will remain at 18.6% for the second consecutive month. The rate calculated by AMB and the Bank of Mozambique (BM) is based on a single index of 13.3% (calculated by the central bank) that remains unchanged and a premium of...