Regulatory Alerts2020-06-10
Notice No. 6/GBM/2020 of June 10 – Amending Articles 8 and 28 of Notice No. 20/GBM/2017 of December 27
The Bank of Mozambique issued Notice No. 6/GBM/2020 to amend Articles 8 and 28, and add paragraphs to Article 64 of its December 2017 foreign exchange notice. The regulation mandates that intermediary banks convert thirty percent of repatriated export and investment income into national currency at the prevailing spot rate, while waiving documentary proof for specific current transfers abroad such as health, education, and family expenses. Implemented on June 10, 2020, these amendments introduce urgent transitional measures designed to enhance foreign exchange market flexibility and mitigate negative economic impacts from the Covid-19 pandemic.
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