Regulatory Alerts2016-11-08
Notice No. 01/GBM/2016, of June 4 - Amendment to the Regulation on the Calculation and Establishment of Mandatory Reserves
The Bank of Mozambique issued Notice No. 01/GBM/2016 to amend the Regulation on Mandatory Reserves, adjusting calculation and establishment rules to align with current macroeconomic conditions. The updated framework mandates that credit institutions calculate their levy base using daily arithmetic means of resident, non-resident, and government deposits, segregated by currency and converted to US dollars at prevailing valuation rates. It establishes fixed minimum levy rates of 10.50% for national currency and 15.00% for foreign currency, while introducing precise formulas for calculating penalties on reserve deficits or free reserve excesses, including account blocking mechanisms and a three-month operational exemption for new institutions.