Includes special features of this country’s banking system and rules/laws that might impact U.S. business.

The banking system is largely dominated by foreign-owned financial institutions.  There are 19 commercial banks out of a total 40 financial institutions.  The largest banks are Millennium BIM (Portuguese and Mozambican shareholders), BCI (Portuguese and Mozambican shareholders), and Standard Bank (South African shareholders).  These three banks hold over 70% of all financial assets including deposits and loans.  They also cover all major cities and areas of economic growth.  Local commercial banks provide most services expected from commercial banks, including some investment banking services.  The largest banks have representation offices in Europe, the United States, and China.

It is common for companies and individuals to hold multiple currency accounts.  The U.S. dollar, euro, and South African rand are common commercial currencies.  Foreign currency payments are accepted in most formal commercial establishments, especially with the U.S. dollar.

Interest rates in Mozambique can be very high for loans in local currency (metical), usually between 11% and 31% for guaranteed loans.  The use of credit cards is relatively new, making small payments sometimes inconvenient, however in the capital city of Maputo credit cards are regularly used.  Mozambican businesses and consumers continue to adopt formalized financial payment systems.
 

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