The owners of Moza Banco have decided to recapitalise the bank to the tune of eight billion meticais - matching the figure that the central bank spent bailing it out - following an extraordinary general meeting of Moza’s shareholders.
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 [...]
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.
The World Bank Group is joining a commission to work on the rescue of Moza Banco, Mozambique’s fourth largest bank, which was taken under central bank [...]
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.
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.
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 [...]
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 [...]
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. [...]
Mozambique’s brewing monopoly Cervejas de Moçambique (CDM) has seen its profits drop 64% this year so far, due to the country’s economic crisis restricting access to foreign exchange, the company said. In a