Less than three months after its last review, the Bank of Mozambique has again changed foreign exchange regulations to introduce complementary norms to the movement of accounts in foreign currency with a particular incidence on the specific account of export revenue.
Last Thursday (March 22), the Mozambican central bank decided to revoke paragraph 5 of article 8 of the foreign exchange law regulations of 27 December 2017 regarding the repatriation of revenues.
It was then established that transfers could only be made from a specific account for export revenues from goods and services and foreign investment income to accounts of the same nature.
Notice 04/GBM/2018 states in Article 4 (1) that the “specific revenue account may be freely transferred to credit or debit in its holder’s foreign transactions”.
Paragraph 2 of the same article states that the “specific revenue account may be handled by all legally permissible means, provided that the rules governing each of the transactions are complied with and carried out”.
Meanwhile, paragraph 3 limits the movement of the internal transactions of the specific income account only to “amortisation of credits in foreign currency; provision of a specific revenue account in another bank, for payment abroad, upon presentation of the respective proof; constitution of term deposit; account closure”. The exception to these rules is that they do not apply to exporters who enjoy a special foreign exchange regime.
In addition, paragraph 4 establishes that “at maturity or early maturity of the term deposit constituted in terms of C) of paragraph 3 of this article, the funds released shall be subject to the rules for moving the specific revenue account”.
In relation to the movement of other accounts in foreign currency, the central bank details that “entities which import capital, in particular in the form of foreign investment or external credit may only convert the imported funds at the exchange rate of the receiving bank” with the necessary adaptations “to articles 3 and 4 of article 4 of this revision to the regulation of Foreign Exchange Law”.
Traduzido por club of mozambique
