{"id":2441,"date":"2021-07-14T15:54:21","date_gmt":"2021-07-14T15:54:21","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/?p=2441"},"modified":"2021-07-14T14:24:40","modified_gmt":"2021-07-14T14:24:40","slug":"mozambique-standard-bank-will-continue-after-central-bank-punishment","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-will-continue-after-central-bank-punishment","title":{"rendered":"Standard Bank will \u2018continue\u2019 after central bank punishment"},"content":{"rendered":"

Africa-Press<\/a> – Mozambique<\/a>. <\/strong><\/span>Standard Bank announced on Tuesday that it plans to remain active in Mozambique, a day after the central bank announced sanctions for manipulating the foreign exchange market.<\/p>\n

\u201cStandard Bank has a clear business continuity plan, so much so that it has appointed an interim managing director since this process began,\u201d it said in a statement.<\/p>\n

The bank also said it \u201cwill continue to engage and work with the Bank of Mozambique to clarify all allegations regarding its suspension from the foreign exchange market and safeguard the interests of customers and all stakeholders.\u201d<\/p>\n

\u201cIts daily operations unrelated to this process are not affected and continue to run normally,\u201d the bank added, saying it was \u201ccommitted\u201d to doing business \u201cethically and responsibly,\u201d with \u201crigorous\u201d governance and compliance processes.<\/p>\n

The Bank of Mozambique on Monday punished Standard Bank for \u201cfraudulent manipulation of the exchange rate, installation and implementation of an illegal payment network based outside the country\u201d and \u201cirregular operations of financial derivatives to hedge risks associated to currency fluctuation.\u201d<\/p>\n

The bank was fined \u20ac4 million and is banned from the foreign exchange market for a year. In addition, two managers, Chief Executive Officer, Adimohanma Chukwuma Nwokocha, and director of the Corporate and Investment wing of the bank, Carlos Madeira were fined and banned from holding positions in credit institutions for six years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Standard Bank announced on Tuesday that it plans to remain active in Mozambique, a day after the central bank announced sanctions for manipulating the foreign exchange market. \u201cStandard Bank has a clear business continuity plan, so much so that it has appointed an interim managing director since this process began,\u201d it said […]<\/p>\n","protected":false},"author":84,"featured_media":2438,"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-2441","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":"\nStandard Bank will \u2018continue\u2019 after central bank punishment - Mozambique<\/title>\n<meta name=\"description\" content=\"Standard Bank announced on Tuesday that it plans to remain active in Mozambique, a day after the central bank announced ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-will-continue-after-central-bank-punishment\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Standard Bank will \u2018continue\u2019 after central bank punishment\" \/>\n<meta property=\"og:description\" content=\"Standard Bank announced on Tuesday that it plans to remain active in Mozambique, a day after the central bank announced ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-will-continue-after-central-bank-punishment\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-14T15:54:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/07\/img-60eef2d19f1ab.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1023\" \/>\n\t<meta property=\"og:image:height\" content=\"575\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-will-continue-after-central-bank-punishment#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-will-continue-after-central-bank-punishment\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Standard Bank will \u2018continue\u2019 after central bank punishment\",\"datePublished\":\"2021-07-14T15:54:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-will-continue-after-central-bank-punishment\"},\"wordCount\":230,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-will-continue-after-central-bank-punishment#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2021\/07\/img-60eef2d19f1ab.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-will-continue-after-central-bank-punishment#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-will-continue-after-central-bank-punishment\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/mozambique-standard-bank-will-continue-after-central-bank-punishment\",\"name\":\"Standard Bank will \u2018continue\u2019 after central bank punishment - 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