Regulatory Alerts2017-05-08
Notice No. 2/GBM/2017 of 8 May – Concerning Payments Abroad Using International Bank Cards and Revoking Notice No. 11/GBM/2015 of 31 December
The Bank of Mozambique issued Notice No. 2/GBM/2017 to resume the liberalization of using international bank cards for payments abroad, effectively revoking Notice No. 11/GBM/2015 and reinstating the annual limit of 700,000.00 meticais per cardholder. This adjustment responds to improved macroeconomic conditions, specifically exchange rate stability and recovering net international reserves following a period of commodity price declines. Credit institutions issuing these cards must continue to observe statutory verification duties and exchange law procedures while cardholders benefit from the restored spending threshold.
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