The Bank of Mozambique will provide technical assistance to the central bank of Timor-Leste, according to an agreement signed in Maputo between the governors of the two institutions, it was announced today.
‘With this agreement, we are also creating conditions to deepen the exchange of experiences in matters of supervision of financial institutions and capital markets, with emphasis on joint supervision, supervision based on emerging risks, including digital financial services,’ explained the governor of the Bank of Mozambique, Rogério Zandamela, quoted in a statement from the Mozambican institution.
The cooperation and technical assistance agreement between the two central banks was signed on Saturday in Maputo, on the sidelines of the celebrations of the 50th anniversary of the Bank of Mozambique. According to Zandamela, it also provides for ‘the sharing of good prudential practices and the regulation of fintechs,’ with the official pointing out that cooperation will be extended to other areas, such as sovereign fund management and institutional transparency.
‘We believe that this partnership will bring concrete results and mutual benefits to face the challenges imposed on our economies, as well as to ensure the development and strengthening of our financial systems,’ the governor also explained.
The agreement comes at a time when the Mozambique Sovereign Fund, created a year ago and financed by natural gas revenues (like the Timor-Leste Petroleum Fund, created 20 years ago), is being operationalised, following a joint commitment to strengthen bilateral cooperation ties, expressed by the Timorese central bank during the second Conference of Governors of Central Banks and Financial Sector Officials 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 formalisation of the Maputo agreement represents a milestone in cooperation between the two central banks.
‘We are open to cooperating with the Bank of Mozambique, both in sharing experiences regarding the management of the Sovereign Fund to strengthen the country’s economy and in other matters of interest,’ said the governor of the Timorese central bank, also quoted in the information.
Lusa
