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2018-12-07

Notice No. 11/GBM/2018, of December 7 – Establishes Limits on the Sale, Withdrawal, Inflow and Outflow of Foreign Currency

The Bank of Mozambique issued Notice No. 11/GBM/2018 to amend specific provisions of its December 2017 foreign exchange regulations, aligning national limits with regional standards. The amended Articles 12, 105, 108, and 131 establish a uniform cap of USD 10,000.00 per traveler for foreign currency sales, account withdrawals for travel, physical cross-border cash movements, and the exit of gaming winnings. The Notice takes effect upon publication, with interpretive disputes referred to the Bank's Licensing and Foreign Exchange Control Department.

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Electronic Edition © Pandora Box, Ltd. All rights reserved Friday, December 7, 2018 | FIRST SERIES — Number 239

REPUBLIC GAZETTE

OFFICIAL PUBLICATION OF THE REPUBLIC OF MOZAMBIQUE

NATIONAL PRESS OF MOZAMBIQUE, E.P.

NOTICE The material to be published in the "Republique Gazette" must be submitted as a duly authenticated copy, one per subject matter, containing, in addition to the necessary indications for this purpose, the following endorsement, signed and authenticated: For publication in the "Republique Gazette".

TABLE OF CONTENTS

Bank of Mozambique: Notice No. 11/GBM/2018: Concerning the Limit on Sale, Withdrawal, Inflow and Outflow of Foreign Currency.

BANK OF MOZAMBIQUE

Notice No. 11/GBM/2018 of December 7

In order to make a targeted amendment to Notice No. 20/GBM/2017, of December 27, which establishes the rules and procedures to be observed in carrying out foreign exchange operations, regarding limits on sales to the public, withdrawals for travel purposes, and physical inflow and outflow of foreign currency, so as to align them with regional standards, and in the exercise of the competence conferred upon it by Article 5 of Decree No. 49/2017, of September 11, the Bank of Mozambique determines:

ARTICLE 1 (Amendment of Articles)

Articles 12, 105, 108 and 131 of Notice No. 20/GBM/2017, of December 27, which establishes the rules and procedures to be observed in carrying out foreign exchange operations, are amended, and shall henceforth read as follows:

“ARTICLE 12 (Terms and conditions for the exercise of foreign exchange business by banks and exchange houses)

  1. ...........................................................................................

  2. ...........................................................................................

  3. The sale of foreign currency referred to in the preceding paragraph is exclusively for travel abroad and must not exceed the amount of USD 10,000.00 (ten thousand United States dollars) or its equivalent, per traveler.

  4. ...........................................................................................

ARTICLE 105 (Opening and operation of foreign currency accounts by residents)

  1. ...........................................................................................

  2. ...........................................................................................

  3. ...........................................................................................

  4. ...........................................................................................

  5. The withdrawal of funds from residents' foreign currency accounts may only be made for travel abroad purposes, and is limited to a maximum value equivalent to USD 10,000.00 (ten thousand United States dollars), per traveler.

  6. ...........................................................................................

  7. ...........................................................................................

ARTICLE 108 (Physical inflow and outflow of foreign banknotes and coins)

  1. The physical inflow and outflow of foreign currency within national territory is limited to an amount equivalent to USD 10,000.00 (ten thousand United States dollars), and does not require any declaration.
  2. ...........................................................................................

ARTICLE 131 (General requirements for the transfer of gaming winnings)

  1. ...........................................................................................
  2. No authorization is required for the exit through national border posts of an amount in cash from winnings in games of chance or social entertainment that does not exceed the limit equivalent to USD 10,000.00 (ten thousand United States dollars).
  3. The exit of the country of the winnings referred to in paragraph one is subject to authorization under Articles 132 and 133, when the following circumstances occur: a) Through national border posts, of cash amounts exceeding the equivalent to USD

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10,000.00 (ten thousand United States dollars); or b) ...........................................................................................”

ARTICLE 2 (Clarification of Doubts)

Any doubts arising from the interpretation and application of this Notice must be submitted to the Licensing and Foreign Exchange Control Department of the Bank of Mozambique.

ARTICLE 3 (Entry into Force)

This Notice enters into force on the date of its publication. Maputo, November 19, 2018. — Governor, Rogério Lucas Zandamela.

Price — 10.00 MT NATIONAL PRESS OF MOZAMBIQUE, E.P.

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