The Bank of Mozambique (BM) announced, on June 30, the preventive suspension of Standard Bank (SB) from the Foreign Exchange Market. The same statement states that the suspension follows the findings made during the inspection on-site ongoing. The BM's decision means that the SB cannot carry out any activity involving foreign currency conversion with the BM, the other commercial banks and their customers. As a way of safeguarding the interests of the SB's clients, the BM's statement also indicates that foreign currency conversion activities will be carried out by the other banks operating in the country under the guidance and clarification of the SB in collaboration with the BM.
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