Regulatory Alerts2016-11-02
Notice No. 2/GBM/2016 Approving the Regulation on Mandatory Reserves and Revoking Notice No. 1/GBM/2016
The Bank of Mozambique, the Ministry of State Administration and Public Function, and the Ministry of Labour, Employment and Social Security jointly issued this official gazette notice to approve a standardized staff framework for provincial study grants delegations, establish a comprehensive code of conduct governing the ethics, duties, and operational procedures of labour inspectors, and implement a new regulation detailing the calculation methods, currencies, incidence rates (13% national, 15% foreign), and establishment periods for mandatory reserves. The regulation mandates daily arithmetic mean calculations, USD conversion via valuation exchange rates, and strict confidentiality and conflict-of-interest protocols for inspection brigades. All provisions take effect from August 22, 2016, revoking prior notices and ministerial decrees to strengthen monetary policy anti-cyclical measures.