Mozambique: High grain and energy prices do not affect economic stability

17 June 2008

Maputo, Mozambique, 17 June – The governor of the bank of Mozambique, Ernesto Gove, said Monday in Maputo that “the country is managing to ensure macroeconomic stability, despite external shocks,” namely the grain and fuel crisis.

Gove said he was optimistic about Mozambique’s capacity to resist the current international climate caused by the high price of grain and fuel, when speaking to journalists on the sidelines of the launch of Moza Banco.

Moza Banco is a financial institution that was launched Monday and includes Macau magnate Stanley Ho and Almeida Santos in its shareholder structure.

Gove also noted the performance of Mozambique’s national currency, what has remained firm, despite dollar depreciation, the main benchmark for parity between Mozambique’s currency and foreign ones.

The launch of Moza Banco has increased the climate of competition in the Mozambican financial system, which will provide the population with greater access to banking services, the governor of Mozambique noted.

Geocapital, owned by Stanley Ho, Ferro Ribeiro and Almeida Santos, with 49 percent, and Moçambique Capitais, a company made up of 218 Mozambican investors, are Moza Banco’s two shareholders. (macauhub)