Regulatory Alerts2005-07-07
Added · Updated
Circular - 2 June 1980
The Central Bank of Mozambique and the Popular Development Bank require state organs, state enterprises, mixed-economy companies, cooperatives, social associations, and merchants with monthly sales exceeding 200 contos to accept checks issued by state entities. To prevent overdrafts, these entities must establish accounting controls, as the Central Bank will charge 8.5% annual interest on any outstanding balances until regularization. Issuers of uncovered checks face personal civil and criminal liability, including the obligation to pay incurred interest and potential prosecution by police and judicial authorities.
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