Mozambique: Ten banks involved in most recent issue of public debt

21 May 2009

Maputo, Mozambique, 21 May – Ten retail banks operating in Mozambique were involved in the latest issue of public debt by the National Treasury Directorate, the chairman of the Mozambican Stock Exchange, Jussub Normamad, told Macauhub Wednesday in Maputo.

There are 14 banks operating in Mozambique as well as other small-scale credit companies.

The National Treasury Directorate issued debt totalling 290 million meticals, or around US$10 million, with Treasury Bonds having a maturity of five years and a 12.5 percent interest rate.

Nurmamad also told Macauhub that a decision had been made immediately to issue the debt in order to take advantage of lower interest rates around the world.

Nurmamad said that demand had been ten times greater than the available debt, made up of 2.9 million bonds with a nominal value of 100 meticals.

Once this public debt is listed there will be 19 securities listed on the stock exchange. (macauhub)