Mozambique Appoints Gove as New Central Bank Governor

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Article by: Bloomberg

Published: 25 Jul 2006

Mozambique Appoints Gove as New Central Bank Governor

Ernesto Gove has been appointed governor of Mozambique's central bank, replacing Adriano Maleiane, the Bank of Mozambique said in a statement.

Gove, a 49-year-old former deputy governor, takes over with immediate effect after Maleiane served three five-year terms as head of the bank, the Maputo-based bank said in an e-mailed statement today. Gove was appointed by Mozambican President Armando Guebuza, it added.

“No significant change in policy is expected,” it said.

“The bank will continue its restrictive monetary policy to keep inflation under control in compliance with government directives.”

“Mozambique's central bank is targeting an annual inflation rate of between 7% and 8% this year compared with 14% last year. The southern African country's annual inflation rate slowed to 4,58% in June from 4,77% in May, the bank said July 12..