Mozambique bars Standard Bank from converting foreign currency

• The Bank of Mozambique has announced an indefinite suspension of Standard Bank from all activities involving the conversion of foreign currency.
• The decision was based on the findings during the on-site inspection of Standard Bank Mozambique by the Central Bank. 

The Bank of Mozambique has announced an indefinite suspension of Standard Bank from all activities involving the conversion of foreign currency. This decision was based on the findings during the on-site inspection of Standard Bank Mozambique by the Central Bank.

However; the central bank has assured the public that the business will continue through other banks operating in the country, under the guidance and clarification of Standard Bank Mozambique, in close collaboration with the Bank of Mozambique. The Bank of Mozambique reported that the financial system, in general, is stable and that normal foreign exchange operations in the country are taking place.

The statement was issued in the late afternoon of this Wednesday (June 30) and was  preceded by another one  sent to all participating institutions in the Interbank Foreign Exchange Market a week ago, which gave Standard Bank.

Standard Bank was formally notified by the Bank of Mozambique a week ago on June 23, of three misdemeanor proceedings: against Standard Bank itself  and two of its employees. It was given10 days to explain itself