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
Brazil–Mozambique relations to Brazil. Since then, there have been several high level visits between leaders of both nations. Presidential visits from Brazil to Mozambique Presidential and Prime Ministerial visits from Mozambique to Brazil Brazil and Mozambique have signed several bilateral agreements such as agreements on cooperation in health, education, social policies and public security (2001). In 2004, Brazil agreed to forgive 95% of Mozambique's debt to Brazil totaling $280 million USD. In 2010, both nations signed agreements on air service cooperation and for mutual recognition of driver's license. In 2015, both nations signed an agreement on cooperation and investment facilitation. Mozambique is