Bank of Mozambique

The Bank of Mozambique (Portuguese: Banco de Moçambique) is the central bank of Mozambique. The bank does not function as a commercial bank, and has the responsibility of governing the monetary policies of the country. The president of the Republic appoints the governor. The bank is situated in the capital, Maputo, and has two branches, one in Beira and one in Nampula. The Bank of Mozambique is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.

History

Most of Mozambique was a Portuguese overseas territory for several centuries. After independence in 1975, the newly created Government of Mozambique took over, without compensation, the Mozambican operations of Banco Nacional Ultramarino, a Portuguese colonial bank that had been acting as the bank of issue for the colony. This became the nucleus of Bank of Mozambique.

In 1977 the government also nationalized almost all banks in the country, including the Casa Bancária de Moçambique, and the Mozambican operations of Banco de Crédito, Comercial e Industrial and Banco Comercial de Angola, and merged them into Bank of Mozambique. At the same time it closed the operations of Banco de Fomento Nacional and Banco Pinto e Sotto Mayor. (The government permitted Banco Standard Totta de Moçambique to remain private.) It also created the Banco Popular de Desenvolvirmento by merging Crédito de Moçambique and Montepio de Moçambique.

Mozambique

Coordinates: 18°15′S 35°00′E / 18.250°S 35.000°E / -18.250; 35.000

Mozambique (/moʊzæmˈbiːk/ or /mɔːzæmˈbiːk/), officially the Republic of Mozambique (Portuguese: Moçambique or República de Moçambique, pronounced: [ʁɛˈpublikɐ di musɐ̃ˈbiki]), is a country in Southeast Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi and Zambia to the northwest, Zimbabwe to the west, and Swaziland and South Africa to the southwest. It is separated from Madagascar by the Mozambique Channel to the east. The capital and largest city is Maputo (known as "Lourenço Marques" before independence).

Between the 1st and 5th centuries AD, Bantu-speaking peoples migrated from farther north and west. Swahili, and later also Arab, commercial ports existed along the coasts until the arrival of Europeans. The area was explored by Vasco da Gama in 1498 and colonized by Portugal from 1505. After over four centuries of Portuguese rule, Mozambique gained independence in 1975, becoming the People's Republic of Mozambique shortly thereafter. After only two years of independence, the country descended into an intense and protracted civil war lasting from 1977 to 1992. In 1994, Mozambique held its first multiparty elections and has remained a relatively stable presidential republic.

Mozambique (disambiguation)

Mozambique (formerly often spelled in English as in Portuguese, Moçambique) most commonly refers to the country in southeastern Africa. It can also refer to:

Mozambique (song)

"Mozambique" is a song written by Bob Dylan and Jacques Levy that was originally released on Dylan's 1976 album Desire. It was also released as a single and reached #54 on the Billboard Hot 100.

At the time of the song's release, the titular country of Mozambique had just emerged from a ten-year insurgency war against Portugal which led to Mozambique's independence. As a result, some left wing supporters wanted to see the song as lending support to the newly independent country. However, the lyrics of the song don't support such an interpretation, being slight and treating the country as merely a place for a romantic getaway in the sun, apart from a fleeting reference to "people living free". This angered some of Dylan's fans. Music critic Paul Williams suggests that "Mozambique" may have had its genesis in Dylan's desire to write a song about Marseilles.

The melody received more praise than the lyrics. Robert Shelton describes the tune as "playful." Authors Oliver Trager and John Nogowski both describe the melody as "great" and particularly praise the violin playing of Scarlet Rivera.