Circular No. 1/SHC/2009 of 24 March - Amendment of the Reporting Deadline for Individual Financial Information Prepared in Accordance with IFRS

SUPERVISION, HUMAN RESOURCES AND CULTURE CIRCULAR NO. __1/SHC/2009 Maputo, 24 March 2009

SUBJECT: AMENDMENT OF THE REPORTING DEADLINE FOR ACCOUNTING INFORMATION ON AN INDIVIDUAL BASIS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

Within the framework of implementing the provisions of Notice No. 4/GBM/2007 of 2 May, regarding the accounting standards applicable to institutions under its supervision, and with a view to aligning the reporting deadline for the analytical situation on an individual basis with the deadlines for remitting ratios and prudential limits on an individual basis fixed by Circular No. 5/SHC/2007, the Bank of Mozambique determines:

1. Sub-paragraph b) of paragraph 6 of Circular 2/SHC/2007 is amended, which shall henceforth read as follows:

Credit institutions and financial societies subject to the supervision of the Bank of Mozambique, with the exception of those provided for in Article 3 of Notice No. 4/GBM/2007 of 2 May, must submit information regarding the individual analytical situation drawn up based on IFRS, with reference to the last day of each month, within 15 days of the month following that to which the information relates.

2. Any doubts arising from the interpretation and application of this Circular shall be clarified by the Banking Supervision Department.

3. This Circular shall take effect from 1 May 2009.

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Joana David (Administrator) 1