(3-minute Read)
The central bank, as the foreign exchange authority, states that it approved “regulatory instruments” in early April to “provide greater flexibility in the management of foreign exchange by intermediary banks.
The Bank of Mozambique is adopting measures to increase the availability of foreign currency at a time when the country is struggling with limitations that are already affecting supply chains, such as fuel.
The central bank, as the foreign exchange authority, states that it approved “regulatory instruments” in early April to “provide greater flexibility in the management of foreign exchange by intermediary banks.
One of the approved notices “increases, from the current 30% to 50%, the conversion rate resulting from revenues from the export of goods, services and income from investments abroad”, a regime that “will be in force for 18 months”.
Another of the notices involves the regime for repatriation and conversion of revenues from the re-export of petroleum products”, in which banks “will fully convert revenues from the reexport of petroleum products”.
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Additionally, the Bank of Mozambique, in this case as supervisor of credit institutions and financial companies, approved a notice establishing an “exceptional regime” in the percentages “of minimum regulatory provisions on overdue credit, to be in force 12 months”.
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