President urges Bank of Mozambique to keep inflation low

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President urges Bank of Mozambique to keep inflation low

3:16 CAT | 11 Dec 2020

Photo: Presidency of the Republic

President Filipe Nyusi inaugurated a branch of the Bank of Mozambique in the city of Beira, Sofala province, yesterday (Thursday 10-12).

The building was rehabilitated and expanded in order to better respond to the challenges of the local economy, to guarantee better provision of banking services to state institutions, and to properly manage monetary and exchange rate policy.

According to the head of state, the infrastructure also aims to ensure the supervision of the financial system and promote financial inclusion.

Speaking on the occasion, Filipe Nyusi urged the central bank to direct the country’s monetary policy towards keeping inflation low, synchronising and permanently reconciling the “objectives of fiscal policy and economic growth with those of monetary policy”.

“In the context of the global market,” the central bank must also “reinforce cyber security mechanisms to combat money laundering,” President Nyusi said. “We need a stable, comprehensive and solid financial system to raise our confidence levels and thus attract investments to the productive sectors, establishing the conditions to promote greater competitiveness in our economy.”

All.bancomoc.b — *Photo: Presidency of the Republic*

In turn, the governor of the Bank of Mozambique, Rogério Zandamela, said that the branch was intended to respond efficiently to “the concerns of economic agents, on the one hand”, and on the other hand ”face the growing challenges imposed by the complexity of the national economy”.

“The inaugurated infrastructure is also part of the process of modernization of bank of Mozambique services across the national territory,” with the aim of “responding in a more comprehensive and effective way to the challenges facing the financial system,” Zandamela said.

The New Bank of Mozambique branch occupies an area of 10,000 square meters, with two new structures which respect the architectural characteristics of the existing façades and give a new image to the urban environment.

The property is located on Rua do Metical in the city centre of Beira, and consists of two buildings linked together. The first, built in 1954, was in the past the Banco Nacional Ultramarino and, later, the Banco Comercial de Moçambique. The second is a completely new building.