“With this agreement, we are also creating conditions to deepen the exchange of experiences in matters of financial institutions and capital market supervision, with a focus on joint supervision and supervision based on emerging risks, including digital financial services,” explained the Governor of the Bank of Mozambique, Rogério Zandamela, as cited in a statement from the Mozambican institution.
The technical cooperation and assistance agreement between the two central banks was signed on Saturday in Maputo, on the sidelines of the 50th anniversary celebrations of the Bank of Mozambique. According to Zandamela, it also foresees the “sharing of prudential best practices and the regulation of ‘fintechs’,” and he noted that the agreement would advance cooperation in other areas such as sovereign fund management and institutional transparency.
“We believe this partnership will bring concrete results and mutual benefits as we face the challenges imposed on our economies and ensure the development and strengthening of our financial systems,” added the governor.
This understanding comes at a time when the Sovereign Fund of Mozambique is being operationalized, a year after its creation and financed by natural gas revenues (similar to Timor-Leste’s Petroleum Fund, established 20 years ago). This follows a joint commitment to strengthen bilateral cooperation ties expressed by the Timorese central bank during the Second Conference of Central Bank Governors and Financial Area Executives between China and Portuguese-speaking Countries, held in Macau in September 2024.
For the Governor of the Central Bank of Timor-Leste, Hélder Lopes, the formalization of the Maputo agreement marks a milestone in cooperation between the two central banks.
“We are open to cooperating with the Bank of Mozambique, whether in sharing experiences regarding the management of the Sovereign Fund to strengthen the country’s economy or in other areas of interest,” highlighted the Timorese central bank governor, also noted in the statement.
