Bank of Mozambique denies “rumours” about compulsory conversion of bank accounts in dollars into meticals

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Bank of Mozambique denies “rumours” about compulsory conversion of bank accounts in dollars into meticals

6:28 CAT | 09 Dec 2015

In file Club of Mozambique

The Bank of Mozambique has issued a statement denying reports about the conversion of accounts in dollars, clarifying that “no measure aimed at the automatic conversion of accounts in dollars held in national banks into meticals has been put in place”.

In an announcement published on its webpage (www.bancomoc.co.mz) titled ‘Restoring the truth about an alleged measure on the compulsory conversion of accounts in dollars into national currency,’ the Central Bank states that “there is no measure determined by the Bank of Mozambique aimed at the automatic conversion of dollars accounts in national banks into domestic currency”.

The announcement goes on to assure the public that all of the Bank of Mozambique’s recent actions regarding foreign exchange are “based on the (pre-existing) Foreign Exchange Law (Lei Cambial), its Regulation (Regulamento), and on all the other legislation governing the operation of the foreign currency exchange market in the country”.

Bank of Mozambique adds that its November 24 press release which sparked the “rumours” is “aimed solely at establishing procedures to eliminate speculative arbitration of exchange rates by holders of foreign currency”.

The Bank of Mozambique is at pains to assure the public that markets are continuing to function normally and that the authorities are making every effort to preserve macroeconomic stability.

Any doubts in the interpretation of the Central Bank’s notice may be clarified directly by the Bank of Mozambique, via the email address [email protected], adds the statement.

Source: Folha de Maputo