Regulatory Alerts2016-11-08
Notice No. 6/GBM/2016 of November 16 - Regulation on the Calculation and Establishment of Mandatory Reserves
The Bank of Mozambique issued this regulation to establish the rules for calculating and establishing mandatory reserves, requiring credit institutions to maintain a minimum daily levy rate of 15.50% on segregated national and foreign currency liabilities across defined bi-monthly calculation and establishment periods. It mandates daily account-to-account transfers or cash holdings to meet reserve requirements, while introducing a structured penalty framework that charges fixed and variable fees for daily deficits or free reserve excesses, with escalated penalties for prolonged non-compliance. The regulation further standardizes information submission deadlines, grants a three-month operational exemption for new institutions, and empowers the central bank to block accounts and enforce compliance through precise valuation exchange rate conversions.