The year 2024 was one to forget in many ways—and even the Bank of Mozambique was not spared when it came to the financial sector.
The central bank recorded a net loss of over 4 million meticais, according to the Financial Stability Report published on June 30.
This poor performance is, so far, the worst on record when compared to the same period in 2023, when the central bank posted a profit of 886.2 million meticais. Disruptions in the financial system were cited as the main cause.
“In 2024, the bank identified an anomaly in its IT system related to the accounting of foreign exchange fluctuations associated with the maturity of term deposit and overnight operations from previous financial years up to 2023. As a result, the bank applied the necessary adjustment, which led to the retrospective restatement of the 2023 financial year,”
the report states.
Despite this, the central bank’s most recent report shows that it spent twice as much on staff salaries as it lost. More than eight million meticais were spent on personnel-related expenses.
Source: O País
