The Mozambican banking sector has recorded profits of around 13.1 billion meticais (US$205 million) with an increase of 1.1 billion meticais (28.88 per cent) from foreign exchange revaluation, as well as 0.9 billion (20.29 per cent) from financial operations and 4.4 billion meticais (15.95 per cent) in net interest income.
In compliance with the Central Bank of Nigeria's (CBN) currency redesign and cash withdrawal policy that limited withdrawals across all channels to N500,000 weekly, banks have suspended further cash disbursement via customers' Naira Credit and prepaid cards.
THISDAY learnt that as a result, the banks have informed customers through text messages that these channels can no longer be used to access cash for the time being.
The operation aims to counter inflation, which is expected to reach 3.9% this year.
Morocco's central bank, Bank Al-Maghrib, is scheduled to launch, today (January 16) a tender offer to buy government bonds in the secondary market.
This will be the bond-buying operation launched by the institution this year after the one of January 9. That day, for the first time in its history, the central bank bought government bonds, amounting to MAD15 billion (US$1.4 billion) in the secondary market. The bonds bought had an average maturity of 6.5 months with a 3.4% average yield.