Mozambique: Central bank ‘robust’ – Max Tonela

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Mozambique: Central bank ‘robust’ – Max Tonela

4:16 CAT | 11 May 2023

Photo: Notícias

The Mozambican Minister of Economy and Finance, Max Tonela, assured parliament yesterday that the Bank of Mozambique was “robust”, noting that, regardless of changes made to the central bank’s accounts by external auditors, the financial regulator had complied with the law.

Minister Tonela gave the assurance in response to questions from the Mozambican National Resistance (Renamo), the main opposition party in Mozambique, about the situation of the central bank in the face of reservations regarding the financial regulator’s own annual accounts expressed by independent auditors.

“The qualifications which the external auditors have been issuing in their opinions on the accounts do not call into question the soundness and credibility of our banking system regulator,” Tonela declared.

On the fact that the external auditors refer to non-compliance with international financial reporting standards, the Minister of Economy and Finance of Mozambique noted that these standards bind institutions which aim for profit, which is not the case of the Bank of Mozambique.

“The international financial reporting standards were essentially developed with the purpose of responding to the needs of investors, that is, with an emphasis on aspects of financial performance, which is not the case with the central bank,” Minister Tonela highlighted.

The central bank, Tonela continued, acts with the purpose of assuring society in regard to price stability and in regard to the national financial system, and bases its activity in compliance with the legislation which guides its conduct, the Mozambican Minister of Economy and Finance concluded.

Source: Lusa