Mozambique President Daniel Francisco Chapo has appointed Waldemar Fernando de Sousa as Governor of the Bank of Mozambique and Felisberto Dinis Navalha as Deputy Governor.

De Sousa replaces Rogerio Zandamela, who served as the governor of the Bank of Mozambique from August 2016 until August this year.

As governor, de Sousa will chair the central bank's board of directors, represent the institution before the government and domestic and international bodies, and oversee the bank's senior management and activities.

Navalha, as deputy governor, will serve on the board of directors and will stand in for the governor in cases of absence or incapacity, while carrying out duties assigned or delegated under the law.

The Bank of Mozambique is responsible for key functions related to monetary and financial stability, including conducting monetary and exchange-rate policy, managing the country's foreign assets and supervising financial institutions.

The two appointees are scheduled to be sworn in on Wednesday, September 2 in a ceremony chaired by President Chapo at his office in Maputo.