Regulatory Alerts2019-10-29
Circular No. 04/EFI/2019 of 29 October - Approves Procedures for Payment of Imports Without a Commitment Term (TCI)
The Bank of Mozambique mandates that intermediary banks must issue a Commitment Term (TCI) for all deferred foreign payments related to goods imported without one since 1 April 2019. Banks are required to verify customs declarations against the Electronic Single Window database, confirm the transaction was not previously processed domestically, and collect specific documentation from importers justifying the delayed TCI issuance. Additionally, intermediary banks must report weekly TCI details to the central bank using a standardized Excel format, with the regulation taking effect on 4 November 2019.
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