{"id":2433,"date":"2021-07-14T15:41:04","date_gmt":"2021-07-14T15:41:04","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=2433"},"modified":"2021-07-14T14:20:14","modified_gmt":"2021-07-14T14:20:14","slug":"cta-standard-banks-suspension-creates-uncertainty-and-speculation-in-business-and-in-banking-carta","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/cta-standard-banks-suspension-creates-uncertainty-and-speculation-in-business-and-in-banking-carta","title":{"rendered":"CTA: Standard Bank\u2019s suspension creates uncertainty and speculation in business and in banking | Carta"},"content":{"rendered":"

Africa-Press<\/a> – Mozambique<\/a>. <\/strong><\/span>\u201cThe decision of the Bank of Mozambique has created uncertainties and speculation in the business and in the banking fabric, due to the dimension of Standard Bank in the national market and has found economic agents unprepared, given that there is no knowledge of either a prior notice [of the central bank\u2019s decision] or of any offence that Standard Bank might have committed,\u201d the Confederation of Business Associations of Mozambique (CTA) writes in its newsletter.<\/p>\n

According to the CTA, this complaint was raised last week at a meeting between the CTA and the International Monetary Fund (IMF) to assess the impact of the suspension the third-largest bank in the Mozambican financial system.<\/p>\n

\u201cCTA shared with the IMF this concern and also the information of a survey of companies that are clients of Standard Bank, the financial institution with the largest share of foreign currency deposits in the Mozambican financial system,\u201d the CTA bulletin reads.<\/p>\n

\u201cMany large companies use this bank to carry out their international transactions. It is estimated that around 45% of the country\u2019s total monthly imports are made through Standard Bank,\u201d adds the same source.<\/p>\n

According to CTA, the preliminary results of the survey indicate that companies that carry out transactions in foreign currency (including imports, exports, receipts and\/or payments in foreign currency) have suffered from the suspension of Standard Bank in the form of delays in transactions, financial costs and freezing of payments and receipts.<\/p>\n

Standard Bank was suspended from carrying out all activities involving the conversion of foreign currency in the foreign exchange market on June 30, following the findings of an on-site inspection by the Bank of Mozambique.<\/p>\n

Twelve days later, the regulator of the national financial system announced that misdemeanours had been filed against the banking institution and two of its managers, Mr. Adimohanma Chukwuma Nwokocha (CEO) and Carlos Domingos Francisco Madeira (Director of Corporate Banking and Investment), for serious breaches of a prudential and exchange rate nature.<\/p>\n

In addition, the Bank of Mozambique says it has applied sanctions to Standard Bank Mo\u00e7ambique, SA in the total amount of 290 million Meticais, suspending for up to one year the bank\u2019s foreign exchange activity of converting currencies.<\/p>\n

Chukwuma Nwokocha was fined a total amount of 6.3 million meticais and was banned from holding corporate positions and management functions in credit institutions and financial companies in the country for a period of six years.<\/p>\n

Carlos Domingos Madeira was fined 14 million meticais, and banned for the same length of time.<\/p>\n

By<\/b><\/p>\n

Evaristo Chilingue<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. \u201cThe decision of the Bank of Mozambique has created uncertainties and speculation in the business and in the banking fabric, due to the dimension of Standard Bank in the national market and has found economic agents unprepared, given that there is no knowledge of either a prior notice [of the central bank\u2019s […]<\/p>\n","protected":false},"author":84,"featured_media":2432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,281,283],"class_list":["post-2433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nCTA: Standard Bank\u2019s suspension creates uncertainty and speculation in business and in banking | Carta - Mozambique<\/title>\n<meta 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