IMF analyses financial system in Mozambique

15 November 2016

A technical mission of the International Monetary Fund (IMF) will be in Maputo from 1 to 14 December and to analyse the Mozambican financial system, according to the Bank of Mozambique in a statement on Monday.

The mission from the IMF Monetary and Capital Markets Department comes after the central bank intervened in two Mozambican banks and alongside negotiations with the Maputo government for the resumption of aid from the financial institution, which was suspended in May following the hidden debt scandal.

The central bank said that it was a technical mission to “provide support to the Mozambican authorities in analysing the health of the financial system and applying measures to improve financial stability and banking supervision.”

The Bank of Mozambique ruled last Friday the dissolution and liquidation of Nosso Banco, owned by the National Social Security Institute, which had an “unworkable situation”.

This is the second financial institution that has undergone intervention since Rogerio Zandamela was appointed to lead the central bank. At the beginning of October the central bank decided to suspend the board of directors and the executive committee of Moza Banco to “protect the interests of depositors.” (macauhub)