Description:

The Banco de Moçambique (BM), central bank of Mozambique, was established in 1975 by Decree No. 2/75 of May 17, following from the Lusaka Accords in 1974, with the principal aim of preserving the value of the Metical, Mozambique’s national currency. It inherited the assets and values of the Department of Mozambique from the Banco Nacional Ultramarino.

According to Article 132 of the Constitution of the Republic of Mozambique, the BM is the central bank of the Republic of Mozambique and shall be governed by a specific legislation and the applicable international standards binding to the Republic of Mozambique.

The process of liberalizing the Mozambican economy, under the Economic Rehabilitation Program (PRE) in 1987, promoted the reform of the national financial system that led to the separation of the commercial and central banking functions of the central bank in 1992, with the approval of Law 1/92 of January 3 – Organic Law, which lays down the nature, objectives and functions of the BM as a central bank.