Regulatory Alerts2017-03-30
Circular No. 6/GBM/2017, March 30 - Uniformization of the Exchange Rate and Maximum Spread Between Foreign Currency Buy and Sell Rates
The Bank of Mozambique issued Notice No. 6/GBM/2017 to mandate a uniform exchange rate and cap the maximum spread at 2% between foreign currency buy and sell rates for all banks and exchange houses. The regulation requires institutions to apply a daily weighted average cost calculation, publicly display exchange rate tables in accessible locations, and adhere to standardized pricing regardless of transaction type. Non-compliance triggers penalties under existing legislation, while the Prudential Supervision Department handles interpretative queries and officially repeals prior contradictory notices.
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