The Business Year

Anabela Chambuca Pinho


Place to Start

President, Mozambique Stock Exchange (BVM)


Anabela Chambuca Pinho graduated in Economics from the Universidade de Coimbra (Portugal), and later did an internship at Euronext Lisbon Stock Exchange. She is recognized as a specialist of the Mozambican economic environment, which was gained over five years (2005-2010) working as the Head of the Department of Domestic Debt Analysis at the National Directorate of Treasury, and two years (2010-2012) as the Deputy National Director at the National Directorate of Budget, both in the Ministry of Finance. Since April 2012, she has been the CEO of the Mozambique Stock Exchange (BVM).

What role has the Mozambique Stock Exchange (BVM) played in the country’s economic growth over the past 14 years? The stock exchange, created to serve as an alternative means of […]

What role has the Mozambique Stock Exchange (BVM) played in the country’s economic growth over the past 14 years?

The stock exchange, created to serve as an alternative means of financing the economy, was established in 1998, and began trading in 1999. Since its creation, it has seen the listing of 59 securities, with a capitalization of around MZN26 billion. Most of these have been debt securities that have already been amortized. Currently, we have 32 marketable securities on the bourse. Of those, 20 are bonds (11 from companies, and nine treasury bonds), and of the remaining securities, eight are commercial papers and three are stocks. The total capitalization of the stock exchange is MZN31.7 billion ($1.59 billion), which is equivalent to around 7% of Mozambican GDP. Another role for the stock exchange has been as an alternative to bank savings. This is important because it makes social inclusion more possible. It also makes possible the participation of the Mozambican people in the large-scale investments that are now sources. Yet, by opening up access to capital in the stock exchange, we enable Mozambican people to participate in these ventures.

How is the BVM working with Mozambican companies to help them list?

We visit Mozambican companies to explain the stock exchange to them and discuss the ways that they can adjust their structure and business practices to meet the listing requirements. We have had a very positive response from the companies we visit. There is considerable interest in both listing and investing, although for many companies this remains unfamiliar territory. We have also talked with certain international companies about setting up dual listings with both the BVM and those of their home markets.

What is the benefit of using the stock exchange to obtain financing locally in Mozambique?

The primary benefit for international companies is access to local financing for such key investments as the mineral resources sector. We understand that the necessary financing for these major investments is unavailable locally, meaning large companies need to obtain it beyond Mozambique. Utilizing the bourse enables them to obtain at least a portion of the financing internally. And while this is good for the foreign investor, it simultaneously contributes to the local economy. Internally sourcing financing is easier when you consider the exchange rate, as the financing comes in the form of the local currency, meticals.

What role does financial education play in your work?

Financial education is a priority for the stock exchange. We have developed a financial education program, and we are now contracting a company to help us develop a series of conferences and seminars to teach businesses and people about the stock exchange.

What are the advantages of investing through the BVM for international investors?

The primary advantage is that you can access the stocks of the listed companies as well as bonds. Currently, the interest rates for investors are quite attractive in Mozambique as the inflation rate is low. If you are investing in savings, as a foreigner, there are plenty of advantages owing to this higher interest rate. We are receiving feedback from brokers that foreign investors are looking for securities to invest in. If you invest in these through the stock exchange and register them, an exception in the exchange law allows you to repatriate the income, without any of the normal restrictions.



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