Banco de Moçambique injects US$673 million into interbank system to ensure exchange rate stability

3 August 2009

Maputo, Mozambique, 03 Aug – Mozambique’s central bank has injected a further US$673 million into the interbank system to stabilize exchange rates, the governor of the Banco de Moçambique has revealed during a presentation of the report on Africa’s Economic Prospects in 2009, which took place in Maputo.

Ernesto Gove, the governor of Banco de Moçambique said that in2007 the central bank had injected US$265 million for the same purpose.

He said that the bank’s intervention was aimed at protecting Mozambique’s financial system from the international financial crisis.

He also said that at the end of 2008 the Mozambican financial system “was strong and competitive.”

The report by the African Development Bank (AfDB) says that the international crisis “has drastically affected the African continent.”

AfDB representative in Maputo, Motselisi Lebesa, said that the crisis “had reduced economic growth bringing less direct foreign investment and creating uncertainties with regard to external aid.” (macauhub)