Regulatory Alerts2015-11-18
Circular No. 01/DLC/2015, of November 18 - Conversion and Transfer of Export Revenues and Imported Capital
The Bank of Mozambique issued Circular No. 01/DLC/2015 to regulate the conversion and transfer of export revenues and imported capital, ensuring harmonious foreign exchange market operations. The directive expressly prohibits commercial banks from converting foreign currency funds unless they have intermediated the actual export of goods or services, or the importation of foreign investment income. Furthermore, it mandates that repatriated export and investment revenues be strictly allocated to amortizing foreign currency loans, while authorized capital-importing entities may retain funds in foreign currency at their banker's exchange rate and must designate an intermediary commercial bank for prior authorization.
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