Mozambique: Electronic money institution profits leap over 40% to €31.9M
Just in: Standard Bank Mozambique allowed to resume currency conversion
7:35 CAT | 23 Jul 2021
Image: O País
The Bank of Mozambique this Friday authorised Standard Bank to resume currency conversion activities with its clients. However, it is still prevented from participating in the Interbank Foreign Exchange Market.
The decision comes after it has been ascertained that the banking institution has fully complied with the actions foreseen for the short term, with a view to correcting the irregularities identified by the Central Bank.
Standard Bank Moçambique, SA may not yet determine foreign exchange rate quotes, and it “must, for the purposes of transactions in foreign currency with the public, use the reference exchange rate published by the Bank of Mozambique, which results from the rates of the commercial banks participating in the Interbank Foreign Exchange Market”, reads a note from the Banco de Moçambique.
The Bank of Mozambique also refers that through the resident inspector, it continues to monitor the activities of Standard Bank Moçambique, SA and reiterates that all its operations and those of the banking system, in general, are proceeding as normal.
Source: O País
Show comments
Also read
Leave a Reply
Be the First to Comment!
You must be logged in to post a comment.
You must be logged in to post a comment.