Regulatory Alerts2023-04-26
Notice No. 1/GBM/2023, of April 26 - Regulation on the Calculation and Establishment of Mandatory Reserves
The Bank of Mozambique issued Notice No. 1/GBM/2023 to approve a new regulation governing the calculation, establishment, and reporting of mandatory reserves for credit institutions, while revoking the previous 2021 notice. The regulation mandates that reserves be calculated on a daily average basis over a monthly period, established in either meticais or US dollars depending on the deposit currency, and submitted via the BSA platform by the 15th of the following month. It introduces strict penalty mechanisms for reserve shortfalls or late submissions, including escalating monetary fines, account blockages after consecutive deficits, and specific exemption periods for newly licensed institutions.
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