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
Angola–Brazil relations the continuity of slavery in Brazil for more than two centuries". De Sá similarly understood Brazil's economic dependence on Angola and its consequential importance to Portugal, and is quoted as saying that "without that stronghold[i.e., Angola] Brazil cannot survive, nor can Portugal survive without Brazil". Contemporary economic relations Trade relations between Angola and Brazil started to grow in 2000. Angola’s exports to Brazil—primarily crude oil—were worth USD460 million in 2006. Economic relations between Angola and Portugal had never been as strong as that of Brazil and Angola, and Portuguese influence was minimal in the early 19th century, having been usurped