Africa Banking Economy Finance Mozambique

Bank of Mozambique to begin disclosing sanctions against credit institutions

Banco de Moçambique will soon disclose the definitive sanctions applied to credit institutions and financial companies that breach current rules applicable to their activity, indicates a statement released on Monday in Maputo.

The statement specified that this decision is one of several measures meant to strengthen discipline in the market while simultaneously implementing “more transparency and responsibility for the financial system and all its stakeholders”, besides ensuring access to information by the general public.

Mozambique’s central bank acts as the state bank, counselling the government on finance matters, guiding and controlling monetary and foreign exchange policies, managing the country’s foreign assets, intermediating in international monetary relations and supervising financial institutions that operate in national territory.

Source: Macauhub

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