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Home Africa

Bloomberg: Mozambique Sets Foreign-Exchange Limits, Standard Bank Says

FurtherAfrica by FurtherAfrica
August 5, 2016
in Africa, Banking, Currency, Economy, Finance, Mozambique, Trade
Reading Time: 1 min read
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Mozambique’s economy grows 5.3 pct in 1st quarter of 2016
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Mozambique has instituted restrictions on foreign-exchange withdrawals and sales, Standard Bank Group Ltd.’s unit told account holders in the cash-strapped southern African nation, in an e-mail seen by Bloomberg.

“In response to restrictions on the import of foreign currency notes by the Mozambican Reserve Bank, Standard Bank has been compelled to administer the following restrictions in managing this situation,” the lender said.

“Effectively immediately foreign currency cash withdrawal and sale of foreign currency by account debit, shall observe the following monthly limits: $500, 1000 rand and 500 euro,” it said.

Source: Bloomberg

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Tags: currency devaluationcurrency exchangemeticalMozambiqueモザンビーク莫桑比克
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