The Bank of Mozambique was founded on May 17, 1975, when the newly independent government took over the Mozambican operations of Banco Nacional Ultramarino, a Portuguese colonial bank that had served as the colony's bank of issue, forming the nucleus of the new institution. Headquartered on Avenida 25 de Setembro in Maputo, it does not function as a commercial bank but governs the country's monetary policy, holds sole authority to issue currency notes and coins, supervises all twenty-two of the country's commercial banks, and advises the government on financial matters and foreign exchange reserves.
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