Mozambican War of Independence hand-over of power to FRELIMO, uncontested by elections. Formal independence was set for June 25, 1975, the 13th anniversary of the founding of FRELIMO. Many Portuguese colonials were not typical settlers in Mozambique. While most European communities in Africa at the time – with the possible exception of Afrikaners – were established from the late nineteenth to early twentieth centuries, some white families and institutions in those territories still administered by Portugal had been entrenched for generations. About 300,000 white civilians left Mozambique in the first week or two of independence (in Europe they were popularly known as "retornados"). Samora
Bank of Mozambique Bank of Mozambique The Bank of Mozambique () is the central bank of Mozambique. The bank does not function as a commercial bank, and has the responsibility of governing the monetary policies of the country. The president of the Republic appoints the governor. The bank is situated in the capital, Maputo, and has two branches, one in Beira and one in Nampula. The Bank of Mozambique is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion. Most of Mozambique was a Portuguese overseas territory for several centuries. After independence in 1975, the newly