{"id":51495,"date":"2023-12-02T18:06:07","date_gmt":"2023-12-02T18:06:07","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/savings-certificates-to-be-launched-next-year"},"modified":"2023-12-02T18:53:49","modified_gmt":"2023-12-02T18:53:49","slug":"savings-certificates-to-be-launched-next-year","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/savings-certificates-to-be-launched-next-year","title":{"rendered":"Savings certificates to be launched next year"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>Mozambique\u2019s government plans to launch Popular Savings Certificates for subscription by private individuals next year as a way of diversifying and reducing the cost of domestic debt in the medium term.<\/p>\n

The measure is included in the documents supporting the proposal for the Economic and Social Plan and State Budget (PESOE) for 2024, which are being discussed in parliament and to which Lusa had access on Ffriday, in which the government assumes the objective of \u201ccorrecting the speculative nature of the domestic debt market\u201d and \u201creducing the cost of financing domestic debt issues by the state\u201d.<\/p>\n

\u201cA package of combined measures to reform the structure and functioning of the market is being prepared,\u201d it reads.<\/p>\n

One of these measures is to diversify the methods of issuing Treasury Bonds, in order to \u201ccreate more efficient channels for non-bank creditors to participate in the market\u201d, with \u201cemphasis on institutional investors\u201d such as pension funds and insurance companies, as well as \u201cprivate individuals in general\u201d, in this case \u201cthrough the so-called Popular Savings Certificates\u201d.<\/p>\n

The government also admits to \u201cdiscontinuing the approach of issuing annual series\u201d, opting instead for an \u201capproach of issuing by reference lines\u201d at three, five, seven and 10 years \u201cto achieve an optimum volume of liquidity that makes a secondary transactions market viable\u201d.<\/p>\n

At the same time, it intends to \u201cfavour an increase in the volume of the long maturity Treasury Bonds line\u201d of seven to 10 years and \u201capply the Central Bank\u2019s zero-interest financing line for liability management operations\u201d for \u201canticipating amortisations\u201d.<\/p>\n

It also plans to \u201cregulate an effective separation within banks\u201d between brokerage and investor functions, \u201cto mitigate conflicts of interest\u201d in the primary market for issuing Treasury bonds and guarantees that it will \u201cdiscontinue the payment by the state of the commission of 0.25% per amount issued\u201d of domestic debt by Specialised Treasury Bond Operators.<\/p>\n

\u201cIn the medium term, with the implementation of these reforms, the domestic debt market will become more structured and more functional, and its efficiency could spread to the financial system as a whole and to the entire economy as it will stimulate savings applications by companies and citizens,\u201d says the government in PESOE 2024.<\/p>\n

\u201cAt the same time,\u201d the measures will \u201creduce the power of concentration\u201d of the \u201cmonopoly of the banks\u201d, as well as \u201creduce the financing costs for economic agents\u201d, in this case \u201cincluding the state, companies and individuals\u201d.<\/p>\n

Mozambique currently issues Treasury bills, with short maturities and Treasury bonds, with longer maturities, through stock exchange auctions.<\/p>\n

The minister of economy and finance, Max Tonela, said in parliament this month that in the area of public debt, the government \u201chas improved the assessment of fiscal risks and more prudent debt management, including the State Business Sector\u201d.<\/p>\n

He emphasised that \u201cdespite the challenges related to public debt management in the 2022 financial year\u201d, Mozambique has seen \u201can improvement in sustainability indicators in relation to GDP, which stood at 78.2% compared to 80% at the end of the previous year\u201d.<\/p>\n

\u201cWe have established a new medium-term public debt management strategy, and we will continue to work to rationalise domestic debt issuance levels and guarantee reform measures that promote more competitive terms and conditions,\u201d he concluded.<\/p>\n

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

Africa-Press – Mozambique. Mozambique\u2019s government plans to launch Popular Savings Certificates for subscription by private individuals next year as a way of diversifying and reducing the cost of domestic debt in the medium term. The measure is included in the documents supporting the proposal for the Economic and Social Plan and State Budget (PESOE) for […]<\/p>\n","protected":false},"author":84,"featured_media":51494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3],"tags":[233,281,283],"class_list":["post-51495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nSavings certificates to be launched next year - Mozambique<\/title>\n<meta name=\"description\" content=\"Mozambique\u2019s government plans to launch Popular Savings Certificates for subscription by private individuals next year a ...\" \/>\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\/savings-certificates-to-be-launched-next-year\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Savings certificates to be launched next year\" \/>\n<meta property=\"og:description\" content=\"Mozambique\u2019s government plans to launch Popular Savings Certificates for subscription by private individuals next year a ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/savings-certificates-to-be-launched-next-year\" \/>\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=\"2023-12-02T18:06:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-02T18:53:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/12\/sm_1701530174.237477.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"749\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\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\/savings-certificates-to-be-launched-next-year#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/savings-certificates-to-be-launched-next-year\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Savings certificates to be launched next year\",\"datePublished\":\"2023-12-02T18:06:07+00:00\",\"dateModified\":\"2023-12-02T18:53:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/savings-certificates-to-be-launched-next-year\"},\"wordCount\":547,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/savings-certificates-to-be-launched-next-year#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/12\/sm_1701530174.237477.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"community\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/savings-certificates-to-be-launched-next-year#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/savings-certificates-to-be-launched-next-year\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/savings-certificates-to-be-launched-next-year\",\"name\":\"Savings certificates to be launched next year - 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