Regulatory Alerts2022-12-29
Law No. 28/2022, of December 29 – Exchange Rate Law
The Assembly of the Republic of Mozambique enacted Law No. 28/2022 to establish a flexible legal framework for foreign exchange operations, designating the Bank of Mozambique as the sole regulatory authority responsible for market supervision, policy implementation, and licensing. The legislation mandates exclusive financial system intermediation for cross-border payments, imposes strict verification, information, and asset declaration duties on residents and authorized entities, and grants the central bank powers to safeguard market integrity through provisional suspensions and sanctions. Furthermore, it standardizes residency criteria for exchange purposes, regulates both full and partial foreign exchange trading by banks and payment service providers, and repeals the prior Exchange Rate Law of 2009 to align domestic currency flows with regional integration and free circulation of goods, services, and persons.