Regulatory Alerts2019-04-04
Notice No. 5/GBM/2019, of April 4 – Regulates the Conditions for Purchase and Sale of Foreign Currency in the Foreign Exchange Market
The Bank of Mozambique issued Notice No. 5/GBM/2019 on April 4, 2019, to establish the conditions for purchasing and selling foreign currency in the domestic foreign exchange market. The regulation mandates that all transactions utilize the prevailing spot exchange rate at execution and explicitly prohibits forward rates and funding foreign currency accounts through conversion from national currency accounts. Applicable to all market participants, including banks and authorized entities, violations of these provisions are subject to existing foreign exchange sanctions.
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