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Online Forex trading doesn’t have much popularity in the country of Mozambique. As a matter of fact, the African country is among the least developed in the world and is heavily dependent on foreign aid. The country’s economy centers on agriculture as well as tourism. The government has not taken into consideration Forex trading nor does it plan to integrate it within its regulatory framework. At it stands today – online Forex trading remains a foreign concept for the legislation of the country.
The regulatory framework of the country is quite rudimentary and the Bank of Mozambique is responsible for the oversight of the banking sector and all financial transactions. The banking sector in the country remains frightfully underdeveloped. As was stated above – it does not issue licenses to Forex brokerages.
The central bank supports a website which is in Portuguese – the official language of the country. There are no legitimate brokerages, registered in Malawi, however, many well-known regulated in Europe brokers target quite successfully traders from Mozambique and the government doesn’t pay much attention to such services.
As was said above – Portuguese is the official language of the country which means European brokers that wish to expand their client-base to Mozambique should support a Portuguese language option. Brokerages have to provide withdrawals and deposits via the Mozambican metical (MZN). The standard Visa and MasterCard are the most popular payment methods.