The Monetary Authority of Macau (AMCM) and local bank BNU have defended in Maputo, Mozambique the use of the Chinese Renminbi (RMB) as an alternative currency for commercial transactions in the African Portuguese-speaking country.
“We came here to promote the use of the RMB in Mozambique as the preferred currency,” said Sam Tou, executive director of BNU.
Mr. Tou was speaking in Maputo on the sidelines of a meeting with the Mozambican Confederation of Economic Associations (CTA), the largest Mozambican employer.
The use of RMB will make payments efficient between Macau and Mozambique, he said.
“The RMB is booming and progressively stronger,” said the bank’s chief executive.
AMCM has learned that Mozambique has several government projects, but “hopes that the private sector will be able to use the RMB as its preferred currency”.
The Commercial Investment Bank (BCI) of Mozambique and BNU have holdings of Portuguese banking group Caixa Geral de Depósitos in their shareholder structure.
José Caldeira of the CTA board, added there will be benefits in using the RMB as an alternative to financial transactions with China.
“There is a lot of investment appetite in agribusiness, mining and gas,” he said.
