Bank of Mozambique seeks to maintain macroeconomic and financial sector stability in 2013

18 December 2012

Maintaining macroeconomic and financial sector stability will continue to be the main objective of the Bank of Mozambique for 2013, the governor of the central bank, Ernesto Gove said Monday.

The governor said that in order to achieve this, the central bank would use the instruments available in the monetary and foreign exchange markets, along with prudent supervision.

Cited by Mozambican newspaper Notícias, Gove added that the Bank of Mozambique would continue to boost its supervisory and regulatory role and lead the transition to the Basel II criteria.

“In partnership with credit institutions we will make efforts to boost penetration of banks in the national economy, to modernise the national payment system and to seek out the best prices for more transparent and competitive financial services,” he said.

Others measures that the bank plans to implement in 2013 include a prudent approach to diversification of use of international reserves in order to reduce risk, as well as continuing to encourage expansion of financial services through use of new technologies as a way of speeding up financial inclusion in the country.

In relation to 2012, Gove said that according to the most recent statistics real gross domestic product growth in Mozambican totalled around 8 percent in the first half of 2012, “which is in line with initial projections from the authorities of annual growth of around 7.5 percent.” (macauhub)