Mozambique is enjoying monetary and exchange rate stability despite the challenges posed by the current situation, says the President of the Republic, Daniel Chapo.

The Head of State announced this during the Bank of Mozambique 50th Anniversary Gala held on Saturday in Maputo. The Bank was created on May 17, 1975.

"Over these five decades, the Bank of Mozambique has shown that, even in the midst of global turbulence, monetary stability is possible. Today, the country has controlled inflation and robust international reserves, despite all the adversities, floods, cyclones and Covid - the Bank of Mozambique remains robust," said Chapo quoted in an AIM publication.

He said that financial inclusion is no longer a goal but a reality. Testimony to this are the millions of Mozambicans throughout the country who have access to banking services, microcredit and mobile payments that transform lives and strengthen communities.

This situation reflects courageous decisions and a solid commitment to the collective well-being of Mozambicans.

Chapo made a point of emphasizing that since it was founded the Bank has been through many trials, citing regional crises, fluctuating raw material prices and daunting debts.

"However, each challenge proved to be a teacher for each of us: we learned about the importance of prudential supervision, transparency and financial literacy, which are the foundations of a resilient system capable of protecting citizens," he said.

For the current cycle of government, Chapo points to the structural transformation of the economy as one of the pillars for achieving Economic Independence through interventions that contribute to self-sufficiency, financial autonomy, control of natural resources, improvement of the trade balance and diversification of the economy.

It warns, however, that the materialization of these desiderata depends, in part, on preserving price stability and promoting a robust and inclusive financial system, combined with sustainable economic growth as a people and for the people.

He said the government was committed to future generations: a strong metical for a strong Mozambique; a visionary Bank of Mozambique for a country on the rise.

As challenges for the next 50 years, Chapo points to an increasingly strong, increasingly digital Metical, a Metical that pulses in the electronic wallets of young entrepreneurs in every corner of the country and in the transactions of exporters.

Another challenge is the materialization of a dream to see Banco de Moçambique at the forefront of innovation, with instant payments, intelligent platforms and algorithms that warn even before risks arise.

The dream of living in a Mozambique where every citizen, in the urban center or in the most remote village in Mozambique, uses their cell phone as a gateway to secure and inclusive financial services is another challenge listed by Chapo and, finally, a dream of seeing a resilient, green economic system that finances clean energy, sustainable infrastructure and projects that reconcile profit with social responsibility within the population.

The event was attended by former heads of state, former prime ministers, former governors of the Central Bank, members of Parliament and other guests. (AIM)