Mozambique bails out major bank to save banking system

Mozambique's central bank has bailed out the country's fourth largest commercial lender in a move it said was needed to prevent the failure of its banking system. The African country has been grappling with a liquidity crunch, exacerbated by the International Monetary Fund and foreign donors cutting off support over loans that were not approved by parliament or disclosed publicly. Banco de Mozambique governor Rog?rio Lucas Zandamela said the central bank had injected 8 billion meticais ($111 million) to recapitalise Moza Banco, which is owned by Portugal's Novo Banco, to avoid a run from depositors and creditors.