{"id":38637,"date":"2023-05-12T17:55:11","date_gmt":"2023-05-12T17:55:11","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/banking-regulator-taking-tough-stance-on-risk-aversion"},"modified":"2023-05-12T19:14:27","modified_gmt":"2023-05-12T19:14:27","slug":"banking-regulator-taking-tough-stance-on-risk-aversion","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/banking-regulator-taking-tough-stance-on-risk-aversion","title":{"rendered":"Banking regulator taking tough stance on risk aversion"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Two Mozambican economists told Lusa on Friday that the appointment of a resident inspector for the BCI bank by the Bank of Mozambique shows a \u201cvery interventionist\u201d and \u201crisk aversion\u201d stance by the financial regulator.<\/p>\n

The Bank of Mozambique a week ago announced the appointment of a resident inspector at Mozambique\u2019s Banco Comercial e de Investimentos (BCI), to strengthen monitoring of that bank majority-owned by two Portuguese banks, (the Portuguese state-owned) Caixa Geral de Depo\u0301sitos and BPI.<\/p>\n

\u201cThe Bank of Mozambique has opted for a more disciplinary stance on the financial system, perhaps to reduce the risks of instability. I have seen a very interventionist bank, due to risk aversion, perhaps,\u201d said Egas Daniel, an economist and coordinator of the Mozambique programme of the International Growth Center (IGC) of the London School of Economics.<\/p>\n

Daniel noted that the Mozambican financial regulator believes that it should \u201cbe close\u201d to financial institutions with systemic importance, because the country\u2019s banking sector is \u201cconcentrated\u201d and dominated by \u201can oligopoly,\u201d or a small group of companies with a lot of influence in the market.<\/p>\n

The Mozambican central bank \u201chas been very close, very strict in disciplining the banks and the financial system,\u201d and \u201cdoes not hesitate to take extreme measures,\u201d he said.<\/p>\n

The economist noted that the fact that the Bank of Mozambique had appointed a figure from within the BCI as resident inspector at the bank itself showed that the situation at the bank was \u201cless serious\u201d and that the regulator\u2019s action had a \u201cpreventative\u201d purpose.<\/p>\n

The central bank wants to send a message that it is keeping a close eye on BCI\u2019s operations and that more drastic measures will be taken if necessary.<\/p>\n

The rigour with which the Mozambican central bank is exercising \u201cdiscipline\u201d over the financial market had already been noted when Standard Bank saw its foreign exchange operations suspended by the regulator in 2021, following anomalies, noted Egas Daniel.<\/p>\n

Daniel pointed out that the central bank\u2019s stance of greater intervention in the domestic financial market began with the appointment as governor of the Bank of Mozambique in 2016 of Roge\u0301rio Zandamela, a figure with a long career at the International Monetary Fund (IMF).<\/p>\n

Since Zandamela took office, several bankers in Mozambique have been suspended from activity, as a sanction for practices considered contrary to the legislation of the sector.<\/p>\n

In his turn, Elci\u0301dio Bachita, economist and analyst, argued that the central bank is fulfilling its role as \u201cregulator and controller\u201d of the financial system.<\/p>\n

By appointing a resident inspector to the BCI, the central bank wants to ensure that the institution complies with \u201cthe procedures prescribed\u201d by the sector\u2019s norms, Bachita said.<\/p>\n

On the other hand, the Mozambican central bank has become stricter with the need to pay attention to the risks of money laundering and financing of terrorism.<\/p>\n

In the press release about the intervention in BCI, the regulator said that the resident inspector will monitor \u201cthe bank\u2019s business model and strategy, monitor and analyse developments in the internal control system and attend relevant meetings of governing bodies.<\/p>\n

\u201cNotwithstanding this supervisory action, the Bank of Mozambique communicates that Banco Comercial e de Investimentos remains sound and stable,\u201d the statement concluded.<\/p>\n

BCI is the most systemically important bank in Mozambique, followed by Millennium Bim (Portugal\u2019s BCP group) and (South African) Standard Bank.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. Two Mozambican economists told Lusa on Friday that the appointment of a resident inspector for the BCI bank by the Bank of Mozambique shows a \u201cvery interventionist\u201d and \u201crisk aversion\u201d stance by the financial regulator. The Bank of Mozambique a week ago announced the appointment of a resident inspector at Mozambique\u2019s Banco […]<\/p>\n","protected":false},"author":84,"featured_media":38636,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-38637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nBanking regulator taking tough stance on risk aversion - Mozambique<\/title>\n<meta name=\"description\" content=\"Two Mozambican economists told Lusa on Friday that the appointment of a resident inspector for the BCI bank by the Bank ...\" \/>\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\/banking-regulator-taking-tough-stance-on-risk-aversion\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banking regulator taking tough stance on risk aversion\" \/>\n<meta property=\"og:description\" content=\"Two Mozambican economists told Lusa on Friday that the appointment of a resident inspector for the BCI bank by the Bank ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/banking-regulator-taking-tough-stance-on-risk-aversion\" \/>\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=\"2023-05-12T17:55:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-12T19:14:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/05\/postQueueImg_1683897927.04.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"478\" \/>\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=\"3 minutes\" \/>\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\/banking-regulator-taking-tough-stance-on-risk-aversion#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/banking-regulator-taking-tough-stance-on-risk-aversion\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Banking regulator taking tough stance on risk aversion\",\"datePublished\":\"2023-05-12T17:55:11+00:00\",\"dateModified\":\"2023-05-12T19:14:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/banking-regulator-taking-tough-stance-on-risk-aversion\"},\"wordCount\":580,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/banking-regulator-taking-tough-stance-on-risk-aversion#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/05\/postQueueImg_1683897927.04.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/banking-regulator-taking-tough-stance-on-risk-aversion#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/banking-regulator-taking-tough-stance-on-risk-aversion\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/banking-regulator-taking-tough-stance-on-risk-aversion\",\"name\":\"Banking regulator taking tough stance on risk aversion - 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