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Just In: Standard Bank Moçambique readmitted to Interbank Foreign Exchange Market
12:24 CAT | 21 Jul 2023
File photo: O País
Standard Bank Moçambique will be readmitted to the Interbank Foreign Exchange Market from Monday, after “corrective measures” have been adopted by the institution, the Mozambican central bank announced on Friday.
“The decision stems from the fact that Standard Bank Moçambique, SA has adopted significant corrective measures aimed at adapting its performance to current standards and practices,” the central bank explains in a statement.
It adds that the readmission will takes effect “as of July 24” (Monday), from when the bank will be authorised “to carry out all operations legally permitted”.
The Standard Bank Mozambique exclusion was applied precisely two years ago and renewed by the central bank on July 24, 2022.
The central bank previously claimed to have found “evidence of persistence of serious irregularities”, in the course of monitoring the bank since July 2021.
Standard Bank Mozambique is considered one of the three systemic banks in the country, along with Banco Comercial e de Investimentos (BCI), which is majority owned by two Portuguese banks, Caixa Geral de Depósitos and BPI, and Millennium Bim (BCP group).
READ: Mozambique: Standard Bank suspended from exchange market – AIM report
Source: Lusa
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