New Central Bank of Mozambique Governor: All crises have solutions – Watch

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New Central Bank of Mozambique Governor: All crises have solutions – Watch

12:25 CAT | 02 Sep 2016

TVM / Rogério Lucas Zandamela, was sworn in yesterday by president Nyusi

Mozambicans must believe that there are no insoluble problems and assume that working with honesty, sacrifice and persistence will overcome the current economic challenges and restore Mozambican welfare.

So said the new governor of the Bank of Mozambique, Rogério Lucas Zandamela, shortly after being sworn in by the president, Filipe Nyusi.

Zandamela said Mozambicans should understand that the economic crisis and all other problems are temporary and will be overcome with the intervention of the bank, the government and also the public in general.

“The Bank of Mozambique is one of the country’s governance units and its activity does not depend on any individual, but the collective administration under my command. It is therefore premature to present measures to implement immediately,” Zandamela said, appealing to everyone to work towards the recovery of confidence, both internal and of the international community, and the resumption of economic growth.

President Nyusi challenged the new governor to lead the institution in controlling monetary circulation in the country, along with international reserves and interest rates, and to ensure the expansion of financial services in the country.

“Our current economic situation, marked by the general rise in prices and depreciation of the metical against the main trading currencies, challenges the driving of policies for the stability of the financial system,” President Nyusi said.

The president said that the central bank should bolster savings capacity and foster the expansion of the production base, diversifying the economy as well as promoting local development and expanding access to financial services.

The outgoing governor, Ernesto Gove, said that he expected the central bank to continue to boost the Mozambican economy, stressing that his mandate was marked by challenges to the economy in an environment of external shocks, especially in recent years with the slowdown of the world economy.