The Governor of the Banco de Moçambique, Rogério Zandamela, officially opened the 50th Advisory Board Meeting of the Banco de Moçambique (CCBM) on Wednesday morning, 5 November, in Pemba city, Cabo Delgado Province.

Cheerful with the kick off of the event, Governor Zandamela began his address by greeting all participants and expressing his gratitude to the Government of Cabo Delgado Province and the municipal authorities of Pemba for their hospitality, ongoing support, and cooperation in preparing the event. His appreciation also extended to the Organizing Committee and all Banco de Moçambique staff involved in the Council.

In his introductory note, the Governor underscored the significance of the Advisory Board Meeting for the Bank, particularly in a year that also marks the institution’s 50th anniversary.

“The Advisory Board Meeting gives us the opportunity to reflect on the challenges facing our financial system and the broader economy, assess our progress, and define the priorities that will guide our future actions. In this context, as we celebrate 50 years of the Banco de Moçambique and 45 years of the Metical, we are not merely marking a historical milestone. We are renewing our commitment to consolidating the credibility of our institution and strengthening the country’s financial and economic autonomy,” said the Governor.

Reviewing the three-day event’s program, Zandamela centred his address on four main topics.

The first focused on the country’s macroeconomic and financial performance. He provided a detailed overview of the current year’s macroeconomic situation, characterized by sustained price stability amid a gradual recovery in economic activity, despite a 3.1% widening in the current account deficit in external transactions during the first half of 2025 compared with the same period in 2024.

“Nevertheless, based on data up to the end of October, our gross international reserves remain at comfortable levels, an important sign of resilience to external shocks and a true shield protecting national sovereignty,” he noted.

The Governor also highlighted the strength and stability of the national financial system, underpinned by advances in financial education and consumer protection, as well as by significant progress in financial inclusion driven by the modernization of the National Payments System, particularly the interoperability between digital payment platforms and commercial banks.

The second topic addressed the conduct of monetary and exchange rate policy. Governor Zandamela underscored the Bank’s efforts to continue normalizing the monetary policy rate, while implementing measures to enhance liquidity and efficiency in the foreign exchange market.

Moving to the third topic, structural reforms implemented and underway within the institution, the Governor underscored key milestones, including the approval of the Bank’s Digital Transformation Strategy, operational preparations for managing the Sovereign Wealth Fund of Mozambique, and the strengthening of frameworks to prevent and combat money laundering and the financing of terrorism, in line with FATF recommendations.

“This progress has reinforced the integrity and credibility of the national financial system and contributed to Mozambique’s removal from the grey list on 24 October, a major achievement for the country, now being celebrated internationally,” Zandamela stressed.

The fourth and final topic focused on macroeconomic prospects for 2026 in the short and medium term. The Governor projected a gradual recovery in economic activity and anticipated that inflation would remain in single digits over the same horizon.

“Nonetheless, significant challenges persist. Domestically, these include the continued rise in fiscal risks, a challenging business environment, climate shocks, and the need for deep structural reforms. Externally, we face a slowdown in global economic activity, persistent inflation, and heightened uncertainty,” he stated.

Governor Zandamela concluded his remarks by expressing pride, appreciation, and gratitude to the Bank’s staff members, who, throughout his nine-year tenure as Governor, have carried out their duties with dedication, competence, and professionalism, led by individual effort and a spirit of unity.

“With this spirit of unity, purpose, and confidence in the future, I hereby declare open the 50th Advisory Board of the Banco de Moçambique! Koshukuro! Asante sana! Thank you all so much!” he concluded.