Circular No. 06/EFI/2022, of December 21 - Issuance of Commitment Terms for Banking Intermediation in Import and Export

__ Bank of Mozambique __ __ Administration __

FINANCIAL STABILITY DEPARTMENT CIRCULAR NO. 06/EFI/2022 Maputo, December 21, 2022

SUBJECT: ISSUANCE OF COMMITMENT TERMS FOR BANKING INTERMEDIATION IN THE IMPORT AND EXPORT OF GOODS.

In order to harmonize the actions of banks regarding the operationalization of the Commitment Term for banking intermediation in the import or export of goods, where payment occurs abroad or under special customs regimes, in light of Articles 30 and 49 of Notice No. 20/GBM/2017, of December 27 (Standards and procedures to be observed in carrying out foreign exchange operations), the Bank of Mozambique instructs:

1. In the import or export of goods, where payment occurs abroad, the Commitment Term must be issued.

2. In the case of the "Payment at Origin" modality, prior to the issuance of the Commitment Term for banking intermediation, the document proving the operation must be required, namely:

   a) Donation letter or declaration issued by the donor, in cases of donations; b) Authorization letter for the opening and operation of an account at a financial institution abroad, issued by the Bank of Mozambique, in cases of offshore accounts; c) Registration letter for external loans approved by the Bank of Mozambique or by banks, in cases of external loans; and d) Registration letter for the project and investors, in the case of Foreign Direct Investment (FDI).

3. In operations involving the physical export or import of foreign banknotes and coins by banks, the Commitment Term must be issued, under the exemption from counter-value modality.

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__ Bank of Mozambique __ __ Administration __

4. Regarding special customs regimes, the Commitment Term must be issued, observing the procedures approved by the General Directorate of Customs, in cases of entry and exit of goods in:

   a) Customs warehouse; b) Duty-Free Shops; c) Industrial Free Zone; and, d) Special Economic Zone.

5. In the import of goods, where the clearance process is carried out through the Simplified Single Document (DUS), there is no obligation to issue the Commitment Term.

6. Without prejudice to the provisions of the preceding paragraph, the issuance of the Commitment Term is not required:

   a) In imports carried out by travelers with excess allowance, except for goods with commercial signs or characteristics; b) In imports or exports carried out by immigrants and emigrants, including diplomats, miners, and students, when the goods consist of luggage and provisions; and c) In the purchase of virtual goods or software, which must be classified under the service provision category.

7. This Circular enters into force on December 27, 2022.

Questions regarding the interpretation and application of this Circular must be submitted to the Licensing and Foreign Exchange Control Department of the Bank of Mozambique.

BANK OF MOZAMBIQUE Financial Stability Department Benedita Maria Guimino Administrator