An investigation by the Center for Public Integrity (CIP) concludes that there are criminal connections between commercial bank employees and the parallel market for the sale of foreign currency that may partly explain the shortage of foreign currency in Mozambique. In the investigation, the CIP found that the currency circulating on the informal market has various origins: from citizens...
A broader look - neither the sea nor the vault flow Let's imagine an economic system where revenues in significant dollars abound, but most of it evaporates before it reaches the national banking ecosystem. A substantial part of the profits generated by major projects - gas, power, aluminum, heavy sands, critical minerals and coal - returns to the...
The People's Bank of China has asked China's main state-owned banks to reduce their purchases of US dollars. The news was reported on Wednesday (09) by Reuters, citing sources close to the matter. Guidelines from the People's Bank of China (PBOC) were sent to China's state-owned banks this week, recommending that they halt purchases of US dollars...
The governor of the Bank of Mozambique (BdM), Rogério Zandamela, assures that liquidity in the financial system is sufficient, following the reduction in the coefficients decided in January. Speaking this Wednesday (26) after the meeting of the Monetary Policy Committee (CPMO), which decided to reduce the MIMO monetary policy interest rate from 12.25% to 11.75%, Rogério...
The government and the Mozambican Banking Association (AMB) today announced financial measures for economic recovery, in response to the post-election crisis that has shaken companies' cash flow. The banks are making 10 billion meticais available to companies at subsidized rates. Affected companies will also be able to restructure their bank loans. In other words, they can negotiate new terms...
Commercial banks kept the reference interest rate at 19% in February. The decision comes after the Bank of Mozambique reduced the monetary policy interest rate from 12.75% to 12.25% and the reserve requirement ratio from 39% to 29%. The unchanged interest rate is used in the...
Bank counters in the country's financial center may be "apparently" short of coins and banknotes due to the demonstrations that are preventing the normal movement of people and goods. According to the President of the Confederation of Economic Associations - CTA, Agostinho Vuma, the message has already been taken to the President of the Republic, Filipe Nyusi. He said that...
The payment system of some of the main banks operating in the country was unavailable on Wednesday morning, due to the vandalization of one of the communication points between the Mozambique Interbank Company (SIMO) and the respective banks. The problem was caused by the post-election demonstrations that have been taking place...
Citizens of Asian origin were caught carrying more than one hundred thousand US dollars (more than six million meticais) - in dollars and meticais - in a car in the city of Beira, Sofala province. The citizens told the press that they were driving around with the money because they didn't trust the national banking system. Supposedly the...
Around the world, several companies such as banks, airlines, telecommunications companies, radio and television broadcasters and supermarkets went offline this Friday (19) after experiencing a failure in their Windows services offered by Microsoft. Our sources point to no problems in Africa. MZNews contacted Mozambique Airlines and...