Beira, Mozambique until Mozambique gained its independence from Portugal in 1975. Beira is located on the Mozambique Channel, an arm of the Indian Ocean located between Madagascar and Mozambique. The city sits north of the mouth of the convergence of two major rivers of Mozambique: the Buzi River and the Pungwe River. The Buzi crosses across Manica and Sofala provinces to form a wide estuary. The Pungwe crosses from the Eastern Highlands of Zimbabwe also through Manica and Sofala provinces to Beira. The city was established in 1890 by the Portuguese and soon supplanted Sofala as the main port in the Portuguese-administered
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