Circular No. 04/EFI/2019 of 29 October - Approves Procedures for Payment of Imports Without a Commitment Term (TCI)

Bank of Mozambique
Administration

CIRCULAR NO. 04/EFI/2019

Maputo, 29 October 2019

Subject: Procedures Regarding Payment for Imports Without a Commitment Term (TCI)

In order to align banking operations with current foreign exchange principles and regulations, particularly regarding rules on payments for imports without a Commitment Term, the Bank of Mozambique, pursuant to Notice No. 20/GBM/2017 of 27 December, which establishes the norms and procedures to be observed in carrying out foreign exchange transactions, determines:

1. Any deferred payment abroad relating to the importation of goods carried out from 1 April 2019, without the respective Commitment Term (TCI), must be made upon the issuance of the TCI by the intermediary bank of the transaction, which must, for this purpose, request the importer to provide the following documents:

   a) A letter stating the reasons for carrying out the transaction and clearing the goods without the issuance of the TCI; and

   b) All documents proving the entry of the goods.

2. Intermediary banks must verify, through the database provided by the Electronic Single Window (JUE), whether the customs declaration submitted by the importer has not been associated with any TCI;

3. In the event of a cleared process without the corresponding TCI, the bank may only proceed with the creation of the TCI and make the payment after verifying that the transaction in question was not carried out at the bank itself or at another national bank;

4. Intermediary banks must submit to the Bank of Mozambique, on the first business day of each week, information regarding TCI issued in the previous week, in compliance with item 1, in the format defined in the table below and in an editable Excel file, to the following address: DLC_MAIL@BANCOMOC.MZ;

No.	Importer Name	NUIT	Unique Consignment Number	TCI No.	Declaration Number	Currency	Total Commitment Term Value	Amount Paid Abroad	Remaining Amount	Customs Broker Name
1
2
3

5. This Circular enters into force on 4 November 2019.

6. Any doubts arising from the interpretation and application of this Circular must be submitted to the Licensing and Foreign Exchange Control Department of the Bank of Mozambique.

BANK OF MOZAMBIQUE
Financial Stability Division

(Signature)
Gertrudes Tovela
Administrator