Mozambique: International crisis to have little effect on Mozambican financial sector

23 March 2009

Maputo, Mozambique, 23 March – The current world economic recession is expected to have little effect on the Mozambican financial sector, as the country’s currency, the Metical, is heavily dependent on foreign currencies, the senior economist of South Africa´s Standard Bank said in Maputo.

During the “Economic Briefing”, which brought together businesspeople resident in Maputo and has been organised by the bank since 1995 two times a year, Yvone Mhango said that the negative impact of the financial crisis could be felt more strongly on an economic level due to the typical characteristics of the Mozambican economic system.

Speaking to journalists on the sidelines of the Economic Briefing, the South African economist said that the countries of Sub-Saharan Africa, “are going to register a decline in their economies, particularly in their exports, given that they depend heavily on foreign donations for their survival.”

The Economic Briefing aims to provide support to economic agents in the decision-making process, through knowledge of the progress of the Mozambican, regional and world economies.

According to Carlos Madeira, a representative of Standard Bank Moçambique, it is a meeting via which “the bank aims to transfer its experience in the sector and outline scenarios to serve as a basis for businesspeople to carry out their business.” (macauhub)