Regulatory Alerts2024-08-23
Notice No. 9/GBM/2024, of August 9 - Revokes Article 13 of Notice No. 1/GBM/2023 of April 26
The Bank of Mozambique issued Notice No. 9/GBM/2024, dated August 9, 2024, to revoke Article 13 of Notice No. 1/GBM/2023, thereby adjusting the mandatory reserve calculation and establishment penalty regime for financial institutions. Concurrently, Mozambique's Council of Ministers promulgated Decree No. 60/2024, granting a 28-year concession to Central Eléctrica de Namaacha, S.A., for the Namaacha Wind Project with a 120 MW installed capacity. The decree establishes exclusive rights for project development, mandates compliance with public-private partnership and electricity laws, and requires the concessionaire to allocate equity stakes to the State, local communities, and public entities while ensuring environmental protection and economic benefits.