Regulatory Alerts2021-02-12
Circular No. 02/EFI/2021, of 12 February – Scope of the Obligation to Convert 30% of Export or Foreign Investment Revenues into National Currency
The Bank of Mozambique issued Circular No. 02/EFI/2021 to clarify the scope of the mandatory 30% foreign exchange conversion rule for resident entities receiving export or foreign investment revenues. The circular explicitly exempts rental income from non-residents using resident-owned national real estate and salary payments to residents working for diplomatic missions from this conversion requirement, allowing these funds to remain entirely in foreign currency. Banks are instructed to apply these parameters immediately, with the circular taking effect on 16 February 2021, and any interpretive questions must be directed to the Licensing and Exchange Control Department.
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