Circular No. 03/EPC/2014, of November 27 - Availability Period for Funds from Cheque Deposits in the Issuing Credit Institution, Cash Deposits, and Interbank Transfers

Central Bank of Mozambique
Administration

DEPARTMENT OF ISSUANCE, PAYMENTS AND ACCOUNTING (EPC) CIRCULAR NO. 03/EPC/2014

Maputo, November 27, 2014

SUBJECT: Availability Period for Funds from Cheque Deposits in the Issuing Credit Institution, Cash Deposits, and Interbank Transfers

In order to define the availability periods for funds resulting from cash deposits, cheque deposits in the respective issuing credit institutions of the cheques, and interbank transfers, the Central Bank of Mozambique, under the powers conferred by paragraph b) of paragraph 2 of Article 6, combined with paragraph 4 of Article 17 of Law No. 2/2008, dated February 27 – National Payments System Act, determines:

1. Funds related to cash deposits must be available in the final beneficiary's account immediately following the transaction.

2. Funds related to transfers made within the same credit institution (Interbank Transfers) must be available in the final beneficiary's account immediately following the transaction.

3. Funds related to cheque deposits made at the credit institutions issuing those cheques must be available in the final beneficiary's account immediately following the transaction.

This Circular enters into force 30 days after its signing date, revoking all contrary provisions.

Any doubts arising from the interpretation and application of this Circular must be submitted to the Payment Systems Department of the Central Bank of Mozambique.

CENTRAL BANK OF MOZAMBIQUE
Department of Issuance, Payments and
Accounting
Esselina Mácome
Administrator