Circular No. 01/EES/2011, of 8 June - Registration of Foreign Exchange Transactions by Banks

— Banco de Moçambique —
Administration

ECONOMIC STUDIES AND FOREIGN EXCHANGE

CIRCULAR NO. 01/EES/2011

Maputo, 08 June 2011

SUBJECT: Registration of Foreign Exchange Transactions by Banks

Given the need to issue instructions to ensure the proper processing of foreign exchange registration, the Banco de Moçambique, under paragraph 2 of Article 130 of the Regulations of the Foreign Exchange Law, approved by Decree No. 83/2010, of 31 December, as well as under paragraph 2, letter e) of Article 37 of Law No. 1/92, of 3 January - Organic Law of the Banco de Moçambique - establishes:

1. Foreign exchange registration is processed through the Meticalnet computer platform of the Banco de Moçambique, to which banks are connected.

2. In order to allow for the correct duty of verification, the registration of foreign exchange transactions must always precede their execution.

3. By 21:00 hours each day, banks must have validated the registrations made.

4. Banks that have decentralized their foreign exchange operations to their respective branches must ensure, through the head office, the integration of information.

5. This Circular enters into force on 11 July 2011, revoking all provisions to the contrary.

6. Doubts arising from the interpretation and application of this Circular must be submitted to the Foreign Exchange Department of the Banco de Moçambique.

Waldemar Fernando de Sousa
ADMINISTRATOR