The central bank of Mozambique has readmitted Standard Bank to the country’s Interbank Foreign Exchange Market after a two-year suspension, it said o
The central bank of Mozambique has readmitted Standard Bank to the country’s Interbank Foreign Exchange Market after a two-year suspension, it said on Friday.
The Johannesburg-listed lender was fined $4.6 million in July 2021 by the central bank for engaging in “fraudulent activities” and was barred from engaging in some exchange-related activities for a year.
The suspension was later extended for another year.
Standard Bank will be readmitted to the forex market with effect from July 24, after it adopted significant corrective measures to comply with the rules and practices in force, Mozambique’s central bank said in a statement.
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