africa Banking Currency Economy Mozambique

Bloomberg: Mozambique names IMF Rogerio Zandamela as Central Bank Governor

Mozambique appointed Rogerio Zandamela, a senior International Monetary Fund official, as governor of the central bank, the presidency said in an e-mailed statement.

He will replace Ernesto Gove, whose term ended last month after 10 years at the helm of the bank, according to an e-mailed statement from the office of President Filipe Nyusi in the capital, Maputo, on Wednesday.

Zandamela was most recently the fund’s head of mission for Somalia and Djibouti and he previously served as the IMF’s resident representative for Brazil, and head of mission for countries including Armenia, Malaysia, Peru and Zimbabwe. He worked at the Washington-based lender since 1988, according to the statement.

Mozambique is struggling with debt after a commodity slump reduced its export revenue and depreciation of the local currency boosted the cost of payments and imports. As the country tries to address its financial difficulties, an IMF team is expected in Maputo from Sept. 22 to review recent economic developments and offer advice, the fund said Tuesday.

Source: Bloomberg

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