Regulatory Alerts2024-03-20
Notice 3/GBM/2024: Foreign Exchange Operations Norms and Procedures
The Bank of Mozambique issued Notice 3/GBM/2024 to establish comprehensive norms and procedures governing foreign exchange operations and partial trading activities for authorized entities, residents, and non-residents. The regulation mandates electronic real-time registration of transactions, requires residents to declare foreign assets exceeding USD 250,000, and enforces strict repatriation deadlines for export proceeds and advance import payments. Authorized banks and payment service providers must implement specialized IT systems, verify supporting documents through the Electronic Single Window (JUE), and maintain segregated risk management to ensure compliance with these updated foreign exchange frameworks.
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