Maputo — The shareholders of Moza Banco have failed to raise the funds necessary to recapitalise the bank. As a result, it is due to be put up for sale so that the government can recoup the money that it put into the bank last year to stop it from going into liquidation.
The central bank, the Bank of Mozambique, was forced to intervene in late September last year when Moza Banco became insolvent (the solvency ratio had fallen below zero). The central bank was required to inject meticas worth over a hundred million US dollars to keep Moza Banco afloat. During this process, the central bank removed the board of directors of Moza Banco and installed a temporary replacement.
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