Standard Bank announced Tuesday it has a plan to remain active in Mozambique, a day after the central bank announced sanctions for manipulating the foreign exchange market.

"Standard Bank has a clear business continuity plan in place, so much so that it has already appointed an interim CEO since this process began," it said in a statement.

The bank also said that it "will continue to engage in dialogue and work with the Bank of Mozambique to clarify all allegations regarding its suspension from the foreign exchange market and safeguard the interests of customers and all stakeholders."

"Its day-to-day operations unrelated to this lawsuit are unaffected and continue to run smoothly," it added, saying it was "committed" to doing business "ethically and responsibly" with "rigorous" governance and compliance processes.

The Bank of Mozambique on Monday punished Standard Bank for "fraudulent manipulation of the exchange rate, installation and implementation of an illegal payment network based outside the country" and "irregular operations of financial derivatives to hedge risks associated with currency fluctuation."

The bank was fined 290 million meticais and banned for one year from the foreign exchange market, while two managers, Adimohanma Chukwuama and Carlos Madeira, were also fined and banned from holding positions in credit institutions for six years.