Maleiane challenges central bank to find innovative solutions for macroeconomic and financial stability

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Maleiane challenges central bank to find innovative solutions for macroeconomic and financial stability

1:05 CAT | 14 Sep 2022

Photo: O País

Prime Minister Adriano Maleiane on Tuesday challenged the Bank of Mozambique (BM) to find innovative solutions seeking to consolidate country’s macroeconomic and financial stability.

Maleiane left the challenge during the swearing ceremony of the new Central Administrator, Maria Majimeja.

He warned that the Central Bank is already facing additional challenges with the recent announcement made by Mozambican President Filipe Nyusi of a wide range of measures intended to stimulate the economy.

These measures, said the Prime Minister, “pose additional challenges to credit and financial institutions, particularly to the Bank of Mozambique, our Central Bank, to find innovative solutions to consolidate macroeconomic and financial stability, which are fundamental conditions for improving business environment and contribute to stimulating both domestic and foreign investment,’ he said.

Maleiane also challenged the new administrator to contribute for the improvement of supervision mechanisms in order to mitigate illegal activities such as money laundering and terrorism financing.

Also, said Maleiane, the government expects Maria Majimeja to participate in the acceleration of digital transformation and mitigation of cyber risks in order to make operations safer, efficient and resilient.

He also pointed out that he expects design of strategies for continued promotion of banking in the economy and increased financial inclusion in order to promote greater access to financial services to all segments of the population.

Continuous improvement of monetary policy instruments, taking into account the dynamics at national and international level are also listed in the government’s expectations from Maria Majimeja.

Maleiane urges the Central Bank to work on stimulating the economy digitalisation process, particularly electronic payment systems, to reduce transaction costs and improve efficiency.

Maria Majimeja, for her part, assured that she is prepared to give her contribution to boost the stability Mozambican currency, Metical.

‘I’m ready for the challenges along the lines that have been defined by the Prime Minister”, she said.

“I’ll use all my knowledge which I’ve acquired throughout my career and thus contribute to one of the Bank of Mozambique key objectives which is the stability of our currency, the metical, and also to the continuous modernisation of the Central Bank.

Source: AIM