Mozambique, East Timor central banks agree on technical cooperation

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Mozambique, East Timor central banks agree on technical cooperation

2:46 CAT | 19 May 2025

Photo: Banco de Moçambique

Mozambique’s central bank will provide technical assistance to the central bank of East Timor, under an agreement signed in Maputo between the governors of the two institutions, it was announced on Sunday.

“With this agreement, we also create conditions to deepen the exchange of experiences in matters of supervision of financial institutions and the capital market, with emphasis on joint supervision, supervision based on emerging risks, including digital financial services,” explained Governor of the Bank of Mozambique, Rogério Zandamela, quoted in a statement from the Mozambican institution.

The cooperation and technical assistance agreement between the two central banks was signed in Maputo on Saturday on the sidelines of the celebrations of the 50th anniversary of the Bank of Mozambique, According to Zandamela, it also foresees the “sharing of good prudential practices and the regulation of ‘fintechs'”, as well as advancing cooperation in other areas, such as the management of sovereign funds and institutional transparency.

“We believe that this partnership will bring concrete results and mutual benefits to face the challenges facing our economies, as well as to ensure the development and strengthening of our financial systems,” Governor Zandamela explained.

The agreement comes at a time when the Mozambique Sovereign Fund, created a year ago and financed with revenues from natural gas (as well as the Timor-Leste Petroleum Fund, created 20 years ago), is being operationalized, following the joint commitment to strengthen bilateral cooperation ties, expressed by the Timorese central bank during the second Conference of Central Bank Governors and Financial Executives between China and Portuguese-speaking Countries, held in Macau in September, 2024.

For the governor of the Central Bank of Timor-Leste, Hélder Lopes, the formalization of the Maputo agreement represents a milestone in the cooperation between the two central banks.

“We are open to cooperating with the Bank of Mozambique, both in sharing experiences regarding the management of the Sovereign Fund, to strengthen the country’s economy, and in other matters of interest,” highlighted the governor of the Timorese central bank, also quoted in the Bank of Mozambique’s report.

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