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Mozambique
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The banking system collapsed after independence from Portugal in 1975. From an earlier position (in the 1980s) of central government control of the economy, Mozambique has initiated rapid reforms in recent years, accelerating the implementation of market-based economic policies, and committing to a policy of fiscal and monetary discipline. In 1995 the government introduced its medium-term economic growth, strategy which it continues to pursue. Since the late 1990s, both national and international banking, established an environment for rapid economic growth and development of the financial system.

The Bank of Mozambique (Portuguese: Banco de Moçambique) is the central bank of Mozambique. The bank does not function as a commercial bank, and has the responsibility of governing the monetary policies of the country. The president of the Republic appoints the governor, currently being Ernesto Gove. The bank is situated in the capital, Maputo, and has two branches, one in Beira and one in Nampula.

Mozambique Banks

The list of commercial banks licensed to operate in Mozambique includes: BancABC, Banco Austral, Banco Comercial de Moçambique, Banco Comercial e de Investimentos (BCI), Banco Fomento Exterior, Banco International de Comercio SARL (ICB), Banco Português Atlántico, Barclays Bank, Caisse Centrale de Coopération Économique, Creditcoop, Millennium bim, Moza Banco, Standard Bank and Unia o Comercial de Bancos.

Currency

The metical (currency symbol: MTn, currency code: MZN) is Mozambique’s currency. It is nominally divided into 100 centavos, which have inflated out of use since the currency's introduction. The banknotes in circulation are in denominations of 20, 50, 100, 200, 500 and 1,000 meticais. On July 1, 2006, Mozambique redenominated the metical at a rate of 1000:1.

The Mozambican metical per US$ rate is 35 (2010), whereas the inflation rate was estimated at 3.3% in 2009.

The US dollar, South African rand, and recently the euro are also widely accepted and used in business transactions.


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