Bank of Mozambique and credit institutions share responsibilities in the management of currency in circulation

5 March 2020

The Bank of Mozambique and the country’s credit institutions and financial companies (ICSF) on Wednesday in Maputo signed a memorandum of understanding to share the responsibilities of managing cash in circulation.

The MoU is intended to promote efficiency in the circulation of banknotes and coins as a secure and quality payment method.

The governor of the Bank of Mozambique, Rogério Zandamela, said that the memorandum is of capital importance because it will help to modernise the management of the cash cycle, “promoting greater efficiency, to ensure that the selection, counting, transport and distribution of metical banknotes and coins are properly conducted and at low cost.”

Zandamela, quoted by Mozambican state news agency AIM gave assurances that appropriate standards for the division of responsibilities between the Bank of Mozambique and the ICSF would be issued “soon”.

He explained that, as the issuing bank, the Bank of Mozambique ensures the integrity of the metical banknotes and coins in circulation, monitor their level of quality, as well as educating the public on issues of handling and conservation of banknotes and coins.

Meanwhile, according to Zandamela, credit institutions are responsible for, “selecting and check the authenticity of cash, to protect themselves from losses due to counterfeiting or forgery, and ensuring that banknotes and coins in circulation are genuine and of good quality.” (macauhub)