The Mozambican academic and economist, João Mosca, disagrees with the Bank of Mozambique (BM), when he says that “foreign exchange operations are taking place normally and that the financial system , in general, remains stable and solid”. Mosca says that, on the contrary, there are losses that result from this suspension. In conversation with “Carta”, Mosca explains, first, that the decision of the Bank of Mozambique to suspend Standard Bank was arrogant and incompetent. Arrogant because, according to the economist, the Bank of Mozambique did not consult the Government, much less the Ministry of Economy and Finance. According to Mosca, in this case, the Central Bank was incompetent because it was not able to monitor the problem, to avoid the suspension of Standard Bank from carrying out all activities involving the conversion of foreign currency in the foreign exchange market, taking into account that it is Mozambique’s third most systemically important bank. As a result, in a telephone interview, Mosca stated that there are losses to be borne by Standard Bank, economic agents and customers in general. He explained that people, economic agents, from exporters and importers, can only have access to their money through other banks, which is time consuming and entails costs due to exchange differences between banks. For our interviewee, the Central Bank measure also affects the cooperation of Mozambique and other countries, as a considerable part of Embassies uses Standard Bank. It also pointed to the fall in Standard Bank’s credibility. It should be noted that Standard Bank announced, last Sunday, that it had reacted (within 10 days) to the Bank of Mozambique’s notification of the three misdemeanor proceedings that weigh on it, which dictated its suspension of all conversion activities. of foreign currency in the forex market. For now, eyes are on the Bank of Mozambique, which is the institution that will decide whether or not to continue the suspension of the bank in all foreign currency conversion activities. (Evaristo Chilingue) Source: Carta de Moçambique
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