Central bank faces difficulties because of government indebtedness

Maputo, 12 Jun (AIM) – The Bank of Mozambique is facing difficulties in regulating the country’s economic policies as a result of the government’s high indebtedness and cyber-attacks, which are becoming more aggressive.

According to the governor of the Bank of Mozambique, Rogério Zandamela, who was speaking at a high-level conference in Rwanda held as part of the 60th anniversary of the Rwandan National Bank, these difficulties place limitations on the regulator in the creation of successful policies.

“We have a government that is heavily in debt, the public sector is heavily in debt. This complicates our lives. But we don’t stop there. When we look at any corporate sector, it also has some internal vulnerability”, Zandamela said, cited in Wednesday’s issue of the independent daily “O País.”

Zandamela also explained that cyber attacks are a reality in the midst of regulatory limitations.

“We also have problems with cyber risks, which are becoming more complex. We see this from the Central Bank’s point of view. We monitor on a daily basis and in real time, where cyber risks are centered on the Central Bank. We see what is happening to financial institutions”, he said.

He also explained that the country’s exposure to climate shocks means that Mozambique has to rely on third parties.

“To a large extent, whenever a country like ours faces extreme climate change events, we depend on the outside world. And that’s not good news. These challenges have led the Bank of Mozambique to create relief for the financial system”, he said.

(AIM)

Ad/pf (263)