Ernesto Gove is new governor of Bank of Mozambique

25 July 2006

Maputo, Mozambique, 25 July – The President of Mozambique, Armando Guebuza, Monday nominated Ernesto Gove to be the new governor of the Bank of Mozambique, replacing Adriano Maleiane, who ahd been in the role for the last 15 years, Officials said.

According to analysts, no big changes to monetary policy are expected after the change over given that Gove was the bank’s deputy governor and was considered to be very close to the governor.

With Maleiane as governor, Mozambique’s central bank adopted a restrictive monetary policy under the terms of government directives.

Inflation was kept under control and the national currency, the metical, stabilized.

The last big move by Maleiane was monetary reform with the country’s new currency worth 1,000 times the previous currency. (macauhub)