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Mozambique to lift Standard Bank’s FX suspension on Monday

After it was accused of manipulation, Standard Bank Group said in an emailed statement on Sunday.
Image: Moneyweb

Mozambique’s central bank will allow the South African-based lender to resume foreign exchange trading on Monday after it was accused of manipulation, Standard Bank Group said in an emailed statement on Sunday.

Standard Bank Mozambique will be precluded from participating in the Interbank Foreign Exchange Market and will have to use the key exchange rate published by Mozambique’s central bank for client transactions in its 54 local branches, according to the statement.

Earlier this month, Banco de Mocambique brought infringement proceedings against the lender and two employees for exchange-rate manipulation, fining the bank $4.5 million.

© 2021 Bloomberg

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