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
Uruguay and the International Monetary Fund that an economic downturn in neighbouring countries Argentina and Brazil, as well as a slowdown in China, are contributing factors to Uruguay's slowed economic growth. Despite this, Uruguay's heavy utilization of IMF credit has been heavily correlated with its lasting stability in the South American region. Additionally, Uruguay has been able to keep pace with, or in some cases outperform, the GDP growth rate of neighbouring countries: Brazil and Argentina. IMF chief Christine Lagarde warns of 'dark future' over climate change Uruguay and the International Monetary Fund The relationship between Uruguay and the International Monetary Fund (IMF) began when Uruguay