Vice-Governor Benedita Guimino leads meeting with Commercial Banks

The Vice-Governor of the Bank of Mozambique (BM), Benedita Guimino, held a meeting yesterday (7) at the Office Tower with credit institutions and the Mutual Guarantee Fund. The meeting aimed to share relevant information on the New Mandatory Reserve Regime, the projects for the Implementation of the Electronic Trading Platform and the Implementation of the Monitoring Center for the Use of Bank Cards for Payments Abroad.

At the time, Benedita Guimino explained that the New Mandatory Reserve Regime aims to utilize idle resources to finance productive companies at reduced rates, boosting exports and encouraging the gradual substitution of imports.

According to the Vice-Governor, this mechanism, which could give a new boost to the real economy, can only be achieved if "we all work towards a common goal, for the good of our economy and our country." She also stressed that "the primary mandate of the central bank is to preserve price stability."

During the meeting, the project for the Implementation of the Electronic Foreign Exchange Trading and Matching Platform was presented, a modern solution that will improve the circulation, transparency, competition, and efficient allocation of existing foreign exchange liquidity in the market, in line with international best practices. This infrastructure allows the central bank to monitor and supervise foreign exchange operations in real time.

Another project presented concerns the Implementation of the Central Monitoring System for the Use of Bank Cards for Payments Abroad, whose objective is to strengthen the capacity for monitoring and controlling payments made abroad, through the centralization and sharing of relevant information between the Bank of Mozambique and credit institutions, ensuring greater timeliness in addressing risk situations associated with the use of cards, as well as monitoring the annual limit for payments abroad.

In turn, the banks thanked the initiative and expressed their full willingness to collaborate with the World Bank in the effective and efficient implementation of the projects presented.

Participants in the event included Administrator Maria Esperança Majimeja, bank managers and technicians, directors of credit institutions, and representatives from the Mutual Guarantee Fund.