Banco de Mocambique (Bank of Mozambique)

September 8, 2010Central Banksby EconomyWatch

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The Banco de Mocambique or the Bank of Mozambique is the central bank of the Republic of Mozambique. The Bank was established on 17 May 1975 as the central bank of the country.

The bank is headquartered in Maputo and has regional branches in the cities of Beira and Nampula. The bank is the only bank of issue of currency in the country. With the initiation of economic reforms in the country, the bank has assumed an important role in Mozambique’s economy.

The main mission of the bank is to guarantee and promote the value of the national currency. As the central bank of the country, the bank performs the following functions:

  • Acting as an advisor and consultant to the government on monetary and financial issues
  • Formulating and implementing the country’s monetary policy
  • Acting as the banker to the state and the financial institutions
  • Maintaining the value of the exchange rate of the currency
  • Holding and managing the foreign exchange reserves
  • Supervising the activities of the banking system and the country’s financial sector
  • Representing the government in international monetary relationships

Being the central bank of the country the Banco de Mocambique is required to:

  • Ensure adequate and reasonable services to the public
  • Ensure a high degree of conduct and management across the banking and credit system
  • Promote a sound financial infrastructure
  • Adopt and execute such policies as may be in the interest of the nation

The bank is strongly committed to increasing competitiveness and efficiency in the financial system and ensuring its total integrity. The Bank is also responsible for informing the public periodically about macroeconomic analysis, financial market evolution and statistical data.

The Address and Contact details of the bank is as follows:

Bank of Mozambique

Address: P.O. Box 423 Maputo MOZAMBIQUE
Phone No.: ++258-1-42 81 51
Fax: ++258-1-297 18

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