Mozambique’s Economy and Finance Minister, Max Tonela, said today in parliament that the Bank of Mozambique “is robust,” noting that the financial regulator has complied with the law, despite repairs made by external auditors to its accounts.
Tonela gave the assurance in response to questions from the bench of the Mozambican National Resistance (Renamo), the main opposition party, on the situation of the central bank, in the face of reservations that have been expressed by independent auditors to the annual accounts.
“The qualifications that the external auditors have been issuing in their opinions on the accounts do not call into question the solidity and credibility of our banking system regulator,” he said.
On the fact that the external auditors refer to non-compliance with international financial reporting standards, Mozambique’s Economy and Finance Minister noted that these standards are binding on profit-oriented institutions, which is not the case of the Bank of Mozambique.
“The international financial reporting standards were developed essentially for the purpose of meeting the needs of investors, that is, with emphasis on aspects of financial performance, which is not the case of the central bank,” said Max Tonela.
The regulator, he continued, acts with the aim of ensuring the stability of prices and the national financial system for society.
The Mozambican central bank has complied with the legislation that guides its conduct, the Mozambican Economy and Finance Minister concluded.
Lusa
