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The Mozambican Minister of Economy and Finance advanced yesterday that the revision of the law on credit institutions and financial companies currently under discussion, will contribute to the stabilisation of the banking system, and adapt the legislation to the rules adopted regionally.
“This law that we are debating is being discussed at the level of the SADC (Southern African Development Community), to allow all those who open banks in the region to have the same regulation,” Adriano Maleiane said.
The Minister of Economy and Finance was speaking during a meeting with two parliamentary commissions in the Assembly of the Republic in Maputo, at the request of deputies seeking clarification on the new draft law.
In addition to updating the legislation, the revision of the law on credit institutions and financial companies will guarantee the stability of the Mozambican financial system, the minister said.
“We are incorporating [elements] of what, at the level of SADC, we will call the single banking law,” Minister Maleiane said, adding that the intention is to protect depositors at both national and regional level.
Yesterday’s meeting took place at the request of the parliamentary commissions for the Plan and Budget and Human Rights and Legality in the Assembly of the Republic. The draft law is to be debated and voted on in plenary session.
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