Notice No. 09/GBM/2015, December 31 – Amendment to the Regulation on the Calculation and Establishment of Mandatory Reserves

DECEMBER 31, 2015 794 — (247)

CHAPTER V

ARTICLE 2 Entry into force This Notice enters into force on the date of its publication. Maputo, November 26, 2015. – The Governor, Ernesto Gouveia Gove.

Notice No. 9/GBM/2015 of December 31

Given the need to update the incidence rate of mandatory reserves, in order to align it with developments recorded in the domestic and international economy, the Bank of Mozambique, pursuant to Article 27 of Law No. 1/92, dated January 3 – the Organic Law of the Bank, determines:

1. Articles 3, 10, paragraph 1, and 11, paragraph 2, of Notice No. 2/GBM/2012, dated July 4, relating to the Regulation on the Calculation and Establishment of Mandatory Reserves are hereby revoked and shall henceforth read as follows:

ARTICLE 3 Incidence rate The incidence base referred to in Article 4 of this Regulation shall be as follows:

ARTICLE 10 Blocked account regime

1. If, over four consecutive mandatory reserve building periods, an institution fails to meet its mandatory reserve requirements in two of them (consecutive or not), for three or more days within the same building period, the Bank of Mozambique shall block the balance of its free movement account, permitting only credit movements, without prejudice to any additional measures provided for in the Interbank Clearing and Settlement Regulation, approved by Notice No. 17/GBM/2013, dated December 31.
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ARTICLE 11 Exemption period

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2. If the institution intends to join the Interbank Markets before the end of the period referred in the preceding paragraph, it must waive the benefit of the remaining exemption period, so as to comply with Article 3(a) of Notice No. 5/GBM/13, dated September 18, regarding the Market Operations System.

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4. This Notice enters into force immediately and takes effect from the first mandatory reserve building period of November 2015. Any doubts arising in the interpretation and application of this Notice shall be submitted to the Markets and Reserve Management Department of the Bank of Mozambique. Maputo, November 26, 2015. – The Governor, Ernesto Gouveia Gove.

Notice No. 10/GBM/2015 of December 31

Given the need to align the operating mechanisms of the Interbank Foreign Exchange Market with the current domestic and international economic environment, the Bank of Mozambique, exercising the powers conferred upon it by paragraph 1 of Article 21 of Law No. 1/92, dated January 3 – the Organic Law of the Bank, determines:

1. To approve the Interbank Foreign Exchange Market Regulation, attached hereto, which forms an integral part of this Notice.
2. This Notice enters into force on the date of its publication and revokes Notice No. 2/GBM/2011, dated April 27, relating to the Interbank Foreign Exchange Market Regulation. Any doubts arising in the interpretation and application of this Notice shall be submitted to the Markets and Reserve Management Department of the Bank of Mozambique. Maputo, November 26, 2015. – The Governor, Ernesto Gouveia Gove.

Interbank Foreign Exchange Market Regulation CHAPTER I General provisions ARTICLE 1 (Concept and Objectives) The Interbank Foreign Exchange Market, hereinafter referred to as MCI, is the segment of the foreign exchange market in which the Bank of Mozambique and authorized institutions buy and sell foreign currency to balance foreign currency needs and surpluses, as provided for in this Regulation.

CHAPTER II Membership and continued participation in the MCI ARTICLE 2 (Membership requirements for the MCI) The following are membership requirements for the MCI: a) Be an authorized bank operating in Mozambique; b) Have access to the Bank of Mozambique’s information system – Meticalnet, foreign exchange module; c) Maintain a technological system that complies with internationally accepted standards for the settlement of operations with foreign entities; d) Strictly observe the solvency ratio and all current regulations on foreign exchange operations, namely, foreign exchange position limits, external payments and receipts, and the provision of statistical information; e) Submit historical information on foreign exchange intermediation operations that resulted in payments or receipts to/from abroad, over the last six months, with a minimum monthly transaction volume equivalent to 10% of the institution’s own funds; and f) Subscribe to the Code of Conduct for Interbank Markets.