Regulatory Alerts2020-10-21
Notice No. 7/GBM/2020 of October 21 – Regulation on the Reference Exchange Rate of the Foreign Exchange Market and Revocation of Notice No. 4/GBM/2017 of April 20
The Bank of Mozambique issued Notice No. 7/GBM/2020 to approve the Regulation on the Reference Exchange Rate of the Foreign Exchange Market, which establishes a transparent calculation methodology based on weighted average purchase and sale rates reported by banks via the Meticalnet system. The regulation mandates that participating banks and foreign exchange bureaus submit daily USD/MZN quotes at specified intervals, with unreported rates defaulting to the last available Meticalnet figure. It further requires institutions to publicly display the published reference rates and revokes Notice No. 4/GBM/2017, establishing a sanctioning regime for non-compliance.
Share