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Mozambican president nominates new central bank governor

Xinhua, September 2, 2016 Adjust font size:

Mozambican President Filipe Nyusi has nominated a senior International Monetary Fund (IMF) official, Rogerio Lucas Zandamela, as the new governor of the central bank.

Zandamela has been working in the IMF since 1988. He headed missions in Costa Rica, Gambia, Malaysia and Peru in the past 20 years.

Zandamela replaced Ernesto Gove, who had been in front of the country's currency regulator institution since 2006.

A press release issued by the presidency earlier this week said the replacement of Gove, which takes place in a critical moment to the Mozambican economy, has to do with the end of his 10-year term.

The new governor is expected to give a new dynamic to the economy as the local currency depreciated more than 100 percent compared to the beginning of the year.

Economist Eduardo Sengo said the nomination of Zandamela as strategic given that Mozambique is currently involved in negotiations with the IMF that aims to restore trust.

A delegation from the IMF is expected in Mozambique by the end of this month to follow the progress of the recommendations issued as part of the trust recovery process that got broken since hidden debts were discovered in the country early this year. Endit