Browsing: Finance

Finance Maputo's downtown financial district. Photo © Tom Bowker / Zitamar News
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The Mozambican authorities are working with the International Monetary Fund (IMF) to find a way to stem a series of sovereign defaults which could cause a crisis in the domestic banking system if the next debt payment is missed in March, Zitamar [...]

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Business Governor Rogerio Zandamela addressing a press conference on 14 December 2016. Photo © Alexandre Nhampossa / Zitamar News
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The Bank of Mozambique appears to have ended its monetary tightening cycle after deciding to hold rates steady at its monetary policy committee meeting on 14 December, and it now expects inflation to start falling in the New Year.

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Business Photo: Ficope Moçambique
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Moza Banco, currently under emergency administration by the Bank of Mozambique because of “unsustainable” liquidity levels, intends to open four new branches next week in the capital, Maputo, and in the neighbouring city of Matola.

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Business Nosso Banco was placed into liquidation in November 2016.
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Failed Mozambican bank Nosso Banco never paid a single dividend to its majority shareholder, the public social security fund INSS, which invested half a billion meticais in the bank and deposited almost 3 billion meticais.

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Business Bank of Mozambique director Joana Matsombe addresses journalists on 18 November 2016. Photo: Bank of Mozambique
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The Bank of Mozambique said on Friday, 18 November, that all remaining banks in the country are healthy, in a press conference aimed at dampening speculation that more banks will fail. Such speculation, the Bank said, has led to widespread withdrawals of [...]

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Business Bank of Mozambique governor Rogério Zandamela addressing journalists on 21 October 2016. Photo © Tom Bowker / Zitamar News
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First Moza, now Nosso Banco – with two failed banks in less than two months in a distressed economy, there is a broad expectation in the market that other banks could be in danger. A look at what the two failed banks have in common provides some clues [...]

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Business Nosso Banco was placed into liquidation in November 2016.
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A commercial bank majority-owned by Mozambique’s public social security fund is to be liquidated by the Bank of Mozambique, with individual depositors set to lose any deposits over 20,000 meticais and business accounts to be left with no apparent recourse. [...]

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