Mozambique: Small importers without stock for festivities
Mozambique: Central bank starts contravention proceedings against Standard Bank
7:55 CAT | 26 Jun 2021
File photo: Fim de Semana
The Bank of Mozambique has started “three contravention proceedings” against the local unit of Standard Bank and two of its employees, the central bank said in a statement, without providing further information.
The move, announced late on Thursday, came after the central bank, as supervisor of the financial sector, on Wednesday announced the suspension of the unit of the South Africa-based financial services group from the country’s Interbank Foreign Exchange Market (MCI). According to Tomaz Salomao, Standard Bank Mozambique’s chairman, the institution “is interacting with the central bank to obtain more details in order to better advise and protect the interests of its customers and business partners.”
It would, he added, “respond within 10 days, as stipulated by the central bank,” to the proceedings.
Source: Lusa
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