Bank of Mozambique created Government of Mozambique took over, without compensation, the Mozambican operations of Banco Nacional Ultramarino, a Portuguese colonial bank that had been acting as the bank of issue for the colony. This became the nucleus of Bank of Mozambique. In 1977 the government also nationalized almost all banks in the country, including the Casa Bancária de Moçambique, and the Mozambican operations of Banco de Crédito, Comercial e Industrial and Banco Comercial de Angola, and merged them into Bank of Mozambique. At the same time it closed the operations of Banco de Fomento Nacional and Banco Pinto e Sotto Mayor. (The
History of Mozambique humans using pre-domesticated cereals anywhere in the world. The first inhabitants of what is now Mozambique were the San hunters and gatherers, ancestors of the Khoisani peoples. Between the 1st and 5th centuries AD, waves of Bantu-speaking peoples migrated from the north through the Zambezi River valley and then gradually into the plateau and coastal areas. The Bantu were farmers and ironworkers. When Vasco da Gama, exploring for Portugal, reached the coast of Mozambique in 1498, Arab trading settlements had existed along the coast and outlying islands for several centuries, and political control of the coast was in the hands