Yesterday (6 October), the Deputy Governor of the Banco de Moçambique (BM), Benedita Guimino, chaired a meeting at the central bank’s office tower with credit institutions and the Mutual Guarantee Fund. The meeting was aimed at sharing relevant information on the new reserve requirement framework, the implementation of the Electronic Trading Platform, and the establishment of a centralised system for monitoring the use of bank cards for payments abroad.

Speaking at the meeting, Benedita Guimino said that the new reserve requirement regime sets out to channel idle resources towards financing productive businesses at lower interest rates, thereby boosting exports and encouraging the gradual substitution of imports.

According to the Deputy Governor, this mechanism could give fresh impetus to the real economy, but this can only be achieved if “we all work towards a common goal, for the good of our economy and our country”. She underscored, however, that “the central bank’s primary mandate is to preserve price stability”.

During the meeting, participants were briefed on the project to implement the Electronic Foreign Exchange Trading and Matching Platform, a modern solution designed to improve the circulation, transparency, competition and efficient allocation of foreign exchange liquidity in the market, in line with international best practice. The infrastructure will enable the central bank to monitor and supervise foreign exchange transactions in real time.

Another project presented at the meeting concerns the establishment of a centralised system for monitoring the use of bank cards for payments abroad. The project is intended to strengthen the monitoring and control of payments made abroad by centralising and sharing relevant information between the BM and credit institutions. This will ensure more timely action in addressing risks associated with card usage, while also enabling the monitoring of the annual limit on payments abroad.

The banks welcomed the initiative and expressed their full commitment to work with the BM towards the effective and efficient implementation of the projects presented.

The presentations were delivered by Assistant Directors Aurélio Bucuane and Eduardo Cruz, and expert Danaldo Martins.

The meeting was attended by Board Member Maria Esperança Majimeja, BM managers and technical staff, senior representatives of credit institutions, and representatives of the Mutual Guarantee Fund.