Head of Banco de Moçambique urges more care with banknotes

13 February 2012

Maputo, Mozambique, 13 Feb – The governor of the Banco de Moçambique, Ernesto Gove, has urged people to take better care of banknotes, given their high production cost for the Mozambican state.

Gove guaranteed that the central bank will continue to provide the public with quality banknotes, but stressed that users need to treat them well, reports the Maputo-based daily Notícias.

Gove made his comments at the ceremony opening the Yingué Micro-Banco, the first banking institution to specialise in granting micro-credit in the Morrumbene district of Inhambane province. He recalled the recent issue of banknotes with improved security features and said the 20, 50 and 100 metical banknotes were now made with a synthetic material better suited to humid climates.

In 2007 Inhambane province counted 13 bank branches, corresponding to 5.7 percent of the total in Mozambique, as well as 15 automatic tellers (ATMs) and 162 points of sale (POS). Some districts had no bank branches and there was no micro-finance operator in the entire province.

Yingué Micro-Banco is an institution with Mozambican capital financed by the Investment Promotion Office (Gapi) and the Economic Rehabilitation Fund (Fare). (macauhub)