Businessmen warn that the increase in compulsory reserves required of Mozambican commercial banks may have unforeseeable consequences for the country's financial system. At issue is the increase in reserves that banks must keep with the central bank (parked money, without remuneration): the regulator decided this week to raise the coefficients to 39% of liabilities...
The reference interest rate ('prime rate') for credit operations in Mozambique in June will be 23.5%, announced the Mozambican Association of Banks (AMB), the maximum value of the last five years. According to data collected by Lusa, it is necessary to go back to May 2018 to find the same value....
The Budget Monitoring Forum (FMO), an association of Mozambican civil society organizations, on Sunday applauded the extradition of former finance minister, Manuel Chang to the US. For this Public Accounts Forum, it hopes that Chang's going to the US will help shed light on the hidden debts case. ?FMO...
The Mozambican Government announced yesterday in Beira city subsidies for needy families to have access to water supply networks in four central and northern provinces of the country. The Minister of Public Works, Housing and Water Resources revealed yesterday that ?the Government of Mozambique and the World Bank have agreed to implement a program of water supply...
The Center for Public Integrity (CIP) considers "insignificant? the cuts in salaries of state leaders, intended to contain spending on pay. Reductions in the salaries of deputies, ministers and other holders of public bodies and the administration of justice, under the Single Wage Scale (TSU) were approved by consensus and in...
The company Syrah Resources, which explores graphite in Cabo Delgado, said yesterday that the expelled workers have incurred disciplinary proceedings after being involved in an ?illegal strike? at its mine in Balama. According to the company, in a statement quoted by Lusa, given the extensive and illegal nature of the actions undertaken by the group, proceedings were eventually instituted...
The South African government reiterated that it will abide by the decision of the Constitutional Court to extradite to the United States the former Mozambican Finance Minister Manuel Chang, detained in South Africa since 2018 at the request of Washington. According to a notification sent to the Constitutional Court in Johannesburg, to which Lusa had access, it refers...
Portuguese polytechnic institutes are on a mission to the USA and Mozambique to strengthen relations with business and show the best of what they do in terms of research and development. To show the best of what is done in Portugal in terms of research and development in polytechnics, to foster a closer connection with the business...
The Bank of Mozambique (BM) warns that the excess of money in the national banking system can raise the cost of living in the country, so the Monetary Policy Committee decided to increase the rate of deposits that financial institutions must make per obligation at the BM as reserves, by 11%. The Reserve Ratios...
The central bank revealed that as of June 5th it will stop contributing to the payment of fuel import bills into the country. The information was issued late Wednesday in a communiqué. The note from the Bank of Mozambique, which is signed by the director of the Department of Markets and...
