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–East Timor relations interacted with Timor-Leste via organizations they are both members of, such as the UN. In fact, since 1999, Brazil has participated in five peace keeping missions in Timor-Leste. Brazil’s involvement in these missions is consistent with its contribution to interventions in Portuguese-speaking states, such as Mozambique and Angola. Increasing the country’s stake in Timore-Leste’s independence allowed Brazil “to actively demonstrate its independent foreign policy, its commitment to self-determination, and its expansion of economic ties with the Global South”. Timor-Leste has received Brazilian presidents twice, once before official statehood and once after. Former President Fernando Henrique Cardoso visited the country in