Regulatory Alerts2020-03-23
Circular No. 01/EFI/2020 of 23 March - Procedures for Submitting Information on Foreign Exchange Operations
The Bank of Mozambique issued Circular No. 01/EFI/2020 to mandate standardized reporting procedures for foreign exchange operations conducted by authorized entities. The directive specifies distinct submission frequencies, mechanisms (including the BSA and MeticalNet platforms), and required formats for nine categories of transactions, ranging from daily fund transfers and card operations to monthly investment registrations and loan amortization plans. Authorized institutions must adhere to strict daily and monthly deadlines, utilize designated email channels for specific attachments, and ensure data consistency across manual and digital reporting channels to maintain regulatory compliance.
Bank of Mozambique Administration
CIRCULAR NO. 01/EFI/2020 MAPUTO, 23 MARCH 2020
SUBJECT: PROCEDURES FOR SUBMITTING INFORMATION ON FOREIGN EXCHANGE OPERATIONS.
To ensure full compliance with the reporting obligation for foreign exchange operations carried out by authorized entities, it is necessary to issue instructions regarding the type of information, frequency, submission mechanism, and format for reporting operations subject to this obligation.
Accordingly, under the combined provisions of Article 4(3) of Law No. 11/2009 of 11 March (Foreign Exchange Law) and Article 10(1) of Notice No. 20/GBM/2017 of 27 December, which approves Foreign Exchange Standards and Procedures, the Bank of Mozambique directs:
- Information on the operations listed in the table below must be submitted as follows:
| No. | Nature of Information | Frequency | Submission Mechanism | Submission Format |
|---|---|---|---|---|
| 1. | Copies of transaction forms related to foreign investment registrations up to USD 250,000.00 (United States Dollars), including the cover letter and copies of the documents indicated in Articles 70(3) and (4) of Notice No. 20/GBM/2017 of 27 December | Monthly | Physical format or via email. | Copy of the correspondence or in scanned (microfilm) format |
| 2. | Foreign Investment Operations up to USD 250,000.00 (United States Dollars) | Monthly | Bank Supervision Application (BSA) | Annex A Table |
| 3. | Fund transfer operations carried out through Money or Value Transfer Services (MVTS) | Daily | Bank Supervision Application (BSA) | Annex B Table |
| 4. | Payment operations using bank cards issued by national banks at terminals (ATM and/or POS) of foreign banks | Daily | Bank Supervision Application (BSA) | Annex C Table |
| 5. | Receipt operations using bank cards issued by foreign banks at terminals (ATM or POS) of national banks | Daily | Bank Supervision Application (BSA) | Annex D Table |
| 6. | Movements of foreign currency accounts | Daily | Bank Supervision Application (BSA) | Annex E Table |
| 7. | Balances of foreign currency accounts | Monthly | Bank Supervision Application (BSA) | Annex F Table |
| 8. | Information on compliance with deadlines for submitting supporting documents for advance payments | Monthly | Bank Supervision Application (BSA) | Annex G Table |
| 9. | Amortization Plan - Private External Loan registered by the bank | Whenever a loan is registered in MeticalNet | Annex H Table |
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The submission of the information described in items 1 and 9 of the table in the preceding paragraph must be sent to the email address dlc_mail@bancomoc.mz, with the respective subject line indicating: (i) Foreign Investment up to USD 250,000.00 (United States Dollars); (ii) Amortization Plan for Private External Loans.
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Information reported via the MeticalNet and Bank Supervision Application (BSA) software applications, particularly daily reports, must be available by 12:00 hours on the following day, and monthly reports must be available by the 5th (five) day of the following month.
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In cases where no operations were recorded during a specific reporting period, the corresponding table must be inserted or sent to the Bank Supervision Application (BSA) with only the header completed.
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Reports that must be submitted via MeticalNet must be submitted within the established deadline; failure to do so will be considered as indicating that no operations were carried out during the referenced period.
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For foreign exchange operations whose reporting in MeticalNet requires both file submission and manual entry, both must bear the same date.
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If an error occurs during the submission of information for all or some foreign exchange operations in the file reporting process (payments and receipts) via MeticalNet, the operations must be sent to the Bank of Mozambique in Microsoft Excel format to the email address dlc_mail@bancomoc.mz, in accordance with the deadline established in paragraph 3 of this Circular.
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This Circular enters into force on 16 March 2020.
Any questions arising from the interpretation and application of this Circular must be submitted to the Licensing and Foreign Exchange Control Department of the Bank of Mozambique via the email address dlc_mail@bancomoc.mz.
BANK OF MOZAMBIQUE Financial Stability Division Gertrudes Tovela Administrator