Deposits in foreign currencies in Mozambique protected by law

24 June 2011

Maputo, Mozambique, 24 June – Mozambique’s new foreign exchange aims to liberalise current transactions and not to convert deposits in foreign currency into local currency, the governor of the Bank of Mozambique, Ernesto Gove said Wednesday in Maputo.

Speaking on the sidelines of a session of a cycle of conferences organised by Mozambican bank, Banco Comercial de Investimentos (BCI), as part of the celebration of the bank’s 15th anniversary, Gove said that rumours that the foreign exchange law would lead to conversion of deposits in foreign currency into meticals were unfounded.

According to the governor, the law aims to make current transactions more liberal as there were aspects that required prior authorisation from the Bank of Mozambique, which is no longer the case under the new law.

“These rumours make no sense at all, as the new exchange law, and its regulations, are aimed at liberalising current transactions. Neither the letter nor the spirit of the law or the regulation include any intention of an assault on people’s assets,” Gove noted.

In order to dispel this rumour, Gove noted that people with foreign currency and local currency deposits were protected by law and the central bank also protected them. (macauhub)