Regulatory Alerts2025-04-09
Notice No. 2/GBM/2025, of April 9 – Regime for Repatriation and Conversion of Reexportation Revenues from Petroleum Products
The Bank of Mozambique issued Notices No. 1, 2, and 3/GBM/2025 to establish exceptional transitional regimes addressing exchange rate flexibility, petroleum product reexportation revenue repatriation and conversion, and minimum regulatory provisions for non-performing loans. Notice No. 1/GBM/2025 sets an exceptional 50% conversion rate for export revenues over eighteen months, while Notice No. 2/GBM/2025 mandates that petroleum product reexporters repatriate revenues via bank transfer within 30 days of shipment, convert them fully into local currency at the spot rate upon receipt, and prohibit using foreign exchange sold by the national banking system for related payments. Notice No. 3/GBM/2025 introduces reduced minimum provision percentages for credit institutions and financial companies based on risk class and collateral type, applying to entities reporting under IFRS with necessary adaptations.