Regulatory Alerts2023-06-16
Notice No. 2/GBM/2023, of June 16 – Regime for Repatriation and Conversion of Reexportation Revenues from Petroleum Products
The Bank of Mozambique and the Ministries of Economy and Finance and Mineral Resources and Energy issued this joint regulatory notice to establish a specific regime for the repatriation and conversion of revenues from petroleum product reexportations. It mandates that reexporters transfer proceeds via banking channels within thirty days of shipment, while intermediary banks must immediately remit and convert the full amount into meticais at the prevailing reference exchange rate. The notice further defines petroleum products and reexportation, establishes a joint ministerial team for reference pricing in mining, and subjects violations to sanctions under the Exchange Control Act.
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