Notice No. 4/GBM/2018, of March 22 – Conditions for the Movement of the Specific Export Revenue Account

Banco de Moçambique
Governor

Aviso nº 04/GBM/2018,
Maputo, March 22, 2018

ASSUNTO: CONDITIONS FOR THE MOVEMENT OF THE SPECIFIC EXPORT REVENUE ACCOUNT

With the entry into force of Notice No. 20/GBM/2017, dated December 27, a new regime was introduced for the treatment of export revenues from goods, services, and investment income, as well as regarding foreign currency accounts, among others. The effective application of the principles underlying these amendments requires the issuance of complementary regulations, particularly concerning the movement of specific revenue accounts and other foreign currency accounts.

The Bank of Mozambique, exercising the competence conferred by Article 5 of Decree No. 49/2017, dated September 11, which revises the Exchange Regulations of the Exchange Law, determines:

1. The Regulation establishing the rules and procedures to be observed in the movement of the specific export revenue account for goods, services, and investment income, as well as in the movement of other foreign currency accounts, is hereby approved (attached), forming an integral part of this Notice;

2. This Notice enters into force on the date of its publication.

Any doubts arising from the interpretation and application of this Notice shall be submitted to the Licensing and Exchange Control Department of the Bank of Mozambique.

[Assinatura]
The Governor
Rogério Lucas Zandamela

---

Banco de Moçambique
Governor

Article 1
(Object)

This Notice establishes the rules and procedures to be observed in the movement of the specific export revenue account for goods, services, and investment income, as well as in the movement of other foreign currency accounts.

Article 2
(Scope)

This Notice applies to all participants in exchange operations carried out under the Exchange Law, as well as to entities responsible for ensuring compliance with the respective rules, namely:

a) Natural or legal persons holding rights and obligations in the context of carrying out the aforementioned acts, transactions, and operations;

b) Entities authorized to carry out exchange operations;

c) Regulatory, supervisory, and judicial administration entities, within the competencies conferred upon them by law.

Article 3
(Specific revenue account)

1. A specific revenue account is understood to be a bank account opened by an exporter or investor, intended to receive export revenues from goods and services or investment income abroad.

2. The specific revenue account may be original, when opened for the purpose of receiving revenues, or converted, when resulting from the conversion of a normal foreign currency account.

3. Conversion of the specific revenue account into another type of foreign currency account is prohibited.

1

---

Banco de Moçambique
Governor

Article 4
(Movement of the specific revenue account)

1. The specific revenue account may be freely moved on the credit or debit side, in transactions of its holder with abroad.

2. The specific revenue account may be moved by all legally permitted means, provided that the rules governing each of the operations to be carried out are observed.

3. The movement of the specific revenue account in internal transactions, namely account-to-account transfers, by the same holder or to a third party's account, is only permitted in the following situations:

a) Amortization of foreign currency credits; b) Funding of a specific revenue account in another bank, for payment abroad, upon presentation of the respective proof; c) Establishment of a time deposit; d) Closure of the account;

4. Upon maturity or early redemption of the time deposit established under item c) of paragraph 3 of this article, the released funds remain subject to the movement rules of the specific revenue account.

5. The rules established in paragraph 3 of this article do not apply to exporters benefiting from a special exchange regime, to the extent that the purpose for which such regime was created is incompatible with these rules.

Article 5
(Movement of other foreign currency accounts)

1. Entities that import capital, notably in the form of foreign investment or external credit, may only convert imported funds at the exchange rate of the receiving bank.

2. The provisions in paragraphs 3 and 4 of Article 4 apply, with the necessary adaptations, to the movement of funds referred to in the preceding paragraph.

2

---

Banco de Moçambique
Governor

Article 6
(Sanction regime)

Violation of the provisions set forth in this Notice is punishable under Articles 10 and following of the Exchange Law, approved by Law No. 11/2009, dated March 11.

Article 7
(Revocation)

Paragraph 5 of Article 8 of Notice No. 20/GBM/2017, dated December 27, is hereby revoked.

3