Regulatory Alerts2016-06-01
Notice No. 1/GBM/2016, of June 1 - Approves the Regulation on the Calculation and Establishment of Mandatory Reserves and Revokes Notice No. 12/GBM/2015, of December 7
The Bank of Mozambique issued Notice No. 1/GBM/2016 to establish updated rules for calculating and funding mandatory reserves, adjusting levy rates to 10.50% for national currency and 15.00% for foreign currency, while revoking the previous December 2015 notice. The regulation mandates credit institutions to segregate liabilities, calculate levy bases using daily arithmetic means over two monthly periods, and fund reserves in meticais or US dollars through specified instruments. It introduces strict penalty formulas for reserve deficits and free reserve excesses, account blocking mechanisms for persistent non-compliance, and a five-year documentation retention requirement to ensure macroeconomic stability.
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