SUMÁRIO A V I S O The matter to be published in the «Boletim da República» must be submitted as a duly authenticated copy, one for each subject matter, containing the necessary indications for this purpose and the following endorsement, signed and authenticated: For publication in the «Boletim da República». IMPRENSA NACIONAL DE MOÇAMBIQUE, E.P. 15.º SUPLEMENTO Tribunal Supremo: Resolução n.º 1/2015: Regarding the classification of certain District Courts as Class 1 or Class 2. Banco de Moçambique: Aviso n.º 7/GBM/2015: Approves the Regulation on repurchase and reverse repurchase operations of Fixed Income Securities and revokes Notice No. 6/GBM/2013, of September 18. Aviso n.º 8/GBM/2015: Amends Notice No. 7/GBM/2013, of September 18 – Interbank Money Market Regulation. Aviso n.º 9/GBM/2015: Amends Notice No. 2/GBM/2012, of July 4 – Regulation on the Calculation and Establishment of Mandatory Reserves. Aviso n.º 10/GBM/2015: Approves the Regulation on the Interbank Foreign Exchange Market. Aviso n.º 11/GBM/2015: Establishes limits for payments abroad using international bank cards. Quinta-feira, 31 de Dezembro de 2015 I SÉRIE — Número 104 TRIBUNAL SUPREMO Resolução n.º 1/2015 de 31 de Dezembro Article 78 of Law No. 24/2007, of August 20, the Judiciary Organization Law, establishes that district courts functioning as courts of first instance are classified as Class 1 or Class 2, depending on the limit of their jurisdiction. BANCO DE MOÇAMBIQUE Aviso n.º 7/GBM/2015 de 31 de Dezembro Given the need to continue ensuring fluidity in carrying out repurchase and reverse repurchase operations of securities in the Interbank Money Market, using other equally eligible securities in the Republic of Mozambique, namely Treasury Bonds, the Bank of Mozambique, using the powers conferred upon it by paragraph 1 of Article 21 of Law No. 1/92, of January 3 (Organic Bank Law), determines: Given the need to materialize this regulatory directive, the Judicial Council, considering the principle established in paragraph 2 of Article 25 and exercising the competence attributed to it by letter e) of Article 96 of the same Law, determines: Art. 1. The following district courts are classified as Class 1:

1. In the Province of Nampula

• District Court of Moma.

2. In the Province of Sofala

• District Court of Gorongosa.

3. In the Province of Tete

• District Court of Changara.

7. In the Province of Maputo

• District Court of Marracuene. Art. 3. Until a new classification is approved and published, the remaining district courts not classified by this Resolution and by Resolutions No. 1/2009, of May 18 and No. 1/2013, of December 2, assume the jurisdiction assigned by Law No. 24/2007, of August 20, to Class 2 district courts. Art. 4. This Resolution enters into force immediately on January 1, 2016. Approved by the Judicial Council, in Maputo, December 10, 2015. – President of the Supreme Court, Adelino Manuel Muchanga.

794 — (242) I SÉRIE — NÚMERO 104 Mozambique, using the powers conferred by paragraph 1 of Article 21 of Law No. 1/92, of January 3 (Organic Bank Law), determines:

1. The Regulation on repurchase and reverse repurchase operations of Fixed Income Securities, which constitutes the annex and forms an integral part of this Notice, is approved.
2. This Notice enters into force on the date of its publication and revokes Notice No. 6/GBM/2013, of September 18. Doubts arising from the interpretation and application of this Notice must be submitted to the Markets and Reserve Management Department of the Bank of Mozambique. Maputo, November 26, 2015. – Governor, Ernesto Gouveia Gove.

Regulation on Repurchase and Reverse Repurchase Operations of Fixed Income Securities CAPÍTULO I General Provisions ARTIGO 1 Subject Matter This Regulation establishes the framework for repurchase and reverse repurchase operations of Fixed Income Securities in the Interbank Money Market. ARTIGO 2 Definitions For the purposes of this Regulation, the following terms apply: a) Treasury Bills (TB): book-entry securities representing short-term loans (up to one year) of the Republic of Mozambique, denominated in national currency; b) Significant Risk: the risk assumed by a credit institution when its value, individually or together with other existing risks regarding the same client, represents at least 10% of the institution's own funds; c) Interbank Money Market (IMM): the regulated segment of the Metical money market, in which authorized institutions exchange funds represented by balances in their current deposit accounts at the Bank of Mozambique or dematerialized securities registered in title accounts at this same Bank, aiming to balance primary currency surpluses and needs among monetary institutions. In this segment, the Bank of Mozambique may intervene by absorbing or providing liquidity through the purchase, sale, or issuance of securities; d) Meticalnet: the Bank of Mozambique's computerized system; e) Treasury Bonds (TBonds): book-entry securities representing medium and long-term loans (over one year) of the Republic of Mozambique, denominated in national currency; f) Repurchase operations: the sale of securities with a repurchase agreement assumed by the seller, combined with a reverse repurchase agreement assumed by the buyer, for settlement on a pre-established date; g) Reverse repurchase operations: the purchase of securities with a reverse repurchase agreement assumed by the buyer, combined with a repurchase agreement assumed by the seller, for settlement on a pre-established date; h) Risk: any facility, used or not, granted by a credit institution and reflected, inter alia, in the granting of credit, even in the form of a guarantee, bank guarantee or other similar instrument, and in the acquisition or holding of financial participations or securities of any nature issued by the same client; i) Market Operations System (MOS): the set of rules and procedures observed by the Bank of Mozambique and authorized institutions participating in the Interbank Money Market, regarding operations carried out in this market; j) Monetary Authority Securities (MAS): deposit instruments used by the Bank of Mozambique for intervention in the money market; k) Fixed Income Securities: assets that provide for the correction of their nominal value by a defined yield or a previously established remuneration parameter. ARTIGO 3 Access Conditions Operations subject to this Regulation may only be carried out between institutions participating in the Market Operations System, under the terms established in the respective Regulation approved by Notice No. 5/GBM/13, of June 6, 2013. CAPÍTULO II Securities ARTIGO 4 Eligible securities The following securities are eligible for operations subject to this Regulation: a) Treasury Bonds; b) Treasury Bills; c) Monetary Authority Securities; and d) Other securities that may be authorized by the Bank of Mozambique. ARTIGO 5 Registration The securities referred to in the previous article may only serve as a basis for operations subject to this Regulation when duly registered in the Bank of Mozambique's Registration, Settlement and Custody System, known as Meticalnet or in an asset registration and financial settlement system authorized and/or accepted by the Bank of Mozambique. ARTIGO 6 Sale of Securities under Reverse Repurchase Agreements Securities subject to reverse repurchase agreements may be sold in new repurchase and reverse repurchase operations with a repurchase date equal to or prior to the sale date.

31 DE DEZEMBRO DE 2015 794 — (243) ARTIGO 7 Guarantee Period Securities subject to reverse repurchase agreements may only serve as collateral in repurchase operations with a settlement date equal to or prior to the sale date. CAPÍTULO III Execution of Operations ARTIGO 8 Operation Terms Operations subject to this Regulation may not be agreed upon for terms exceeding the maturity of the securities serving as their basis. ARTIGO 9 Price and Settlement Value

1. Operations subject to this Regulation must be carried out at fixed prices, negotiated between the parties, with the settlement value being predetermined.
2. The price and settlement value of operations subject to this Regulation must be calculated according to the formula in the annex to this Regulation. ARTIGO 10 Financial Settlement
3. Financial settlement of operations not involving the Bank of Mozambique is effected by debit or credit to current deposit accounts held at the Bank of Mozambique, on the same day as the operation's execution, observing the delivery versus payment principle, via Meticalnet.
4. Financial settlement of operations involving the Bank of Mozambique is effected by debit or credit to current deposit accounts held at the Bank of Mozambique, against a specific account of the Bank of Mozambique, on the same day as the operation's execution, observing the delivery versus payment principle, via Meticalnet. CAPÍTULO IV Operational Limits ARTIGO 11 Basis for calculating limits In carrying out operations subject to this Regulation, the basis for calculating the institution's operational limits is its respective own funds as defined by Notice No. 14/GBM/2013, of December 31. ARTIGO 12 Limits
5. Institutions authorized to carry out operations provided for in this Regulation that have received securities in exchange for the provision of financial resources must observe the following limits: a) Regarding a single securities seller, they must not carry out reverse repurchase operations whose combined value exceeds 25% of their own funds; b) The aggregate value of purchases of securities classified as significant risk must not exceed eight times the value of own funds.
6. The value of sales with repurchase agreements, individually and in aggregate, involving Treasury Bonds, Treasury Bills, Monetary Authority Securities, and other securities that may be authorized by the Bank of Mozambique, regardless of remuneration conditions and term, must not exceed eight times the value of own funds of institutions authorized to carry out operations provided for in this Regulation.
7. When a risk on an entity is guaranteed by a third party in an irrevocable and legally binding manner, such risk is considered to be assumed on that third party and not on the entity. ARTIGO 13 Verification Compliance with the operational limits established in the previous article is verified based on the calculation of the actual settlement values of the operations. CAPÍTULO V Infractions and Sanctions ARTIGO 14 Infractions The following constitute infractions of this Regulation: a) carrying out repurchase and reverse repurchase operations involving securities other than those referred to in Article 4 of this Regulation; b) the sale of securities without the seller having ownership of the traded securities at the time; c) trading securities at a unit price manifestly different from the market rate or, in the absence of publication informing the market price, at a price manifestly different from the prevailing nominal value; d) the creation of artificial trading conditions or price manipulation of securities subject to repurchase or reverse repurchase operations; e) non-compliance with the operational limits established in this Regulation; f) failure to comply with the obligation to submit, within the timeframes established in current regulations, information regarding repurchase or reverse repurchase operations of securities; g) the adoption of a practice that deliberately involves presenting inaccurate information. ARTIGO 15 Sanctions Without prejudice to other sanctions that may apply, under the terms provided in other applicable legal or regulatory provisions, violation of the rules provided for in this Regulation and complementary regulations subjects the infringing entity to suspension from carrying out any of the types of repurchase or reverse repurchase operations for a period of not less than six months from the date of communication of the respective decision taken by the Bank of Mozambique. CAPÍTULO VI Final Provisions ARTIGO 16 Duty to Communicate Institutions authorized to carry out operations subject to this Regulation are obliged to communicate to the Bank of Mozambique all repurchase and reverse repurchase operations of securities carried out by them, in the form, timeframes, and other terms provided for in the IMM and MOS Regulations.

794 — (244) I SÉRIE — NÚMERO 104 ARTIGO 17 Information Disclosure and Document Submission The Bank of Mozambique communicates the conditions for providing and disclosing information regarding operations subject to this Regulation. ANEXO Formulas to be Applied in Calculating the Price and Settlement Value of Repurchase and Reverse Repurchase Operations of Fixed Income Securities The calculation of the price and settlement value within this Regulation must comply with the formulas contained in this Annex.

1. Sale/Purchase of Securities with Repurchase/Reverse Repurchase Agreement Consider the following terminology for the purposes of this Regulation: VNu = Unit nominal value of the security = MZN 1,000.00 (for zero-coupon securities) and MZN 100.00 (for coupon-bearing securities). Pu = Unit updated/discounted price of the security (collateral price = sale/purchase price with repurchase/reverse repurchase agreement). B = Annual base (365 days). ci = Coupon interest rate. F = Coupon payment frequency in a year. N = Number of remaining coupons from the settlement date to maturity. DSC = Number of days from the settlement date to the next coupon date. E = Number of days in the coupon period containing the settlement date. A = Number of days from the start of the coupon period to the settlement date. k = Sequential number for each coupon observation from settlement to maturity. i = Collateral interest rate. t = Date-Value of the operation. n = Term of the security (in days). n’ = Number of days to maturity (n’ = n-t, in days). QT = Quantity of securities to be delivered/received. VN = Total nominal value of the operation. r = Interest rate of the operation. d = Term of the operation (in days). VT = Total Transaction Value of the operation (financial capital). VT’ = Adjusted Total Transaction Value (adjusted financial capital). VR = Total repayment value = Repurchase/Reverse repurchase Value. Pu’ = Unit repurchase/reverse repurchase price. JT = Total interest of the operation. Ju = Unit interest of the operation. Operation Scheme Security d n' = n-t 0 t t+d n REPO / REVERSE-REPO The unit price of a security at each moment in its useful life is obtained from the following formula: For zero-coupon securities: B i n' VN B P u u + × × = VN (i) For coupon-bearing securities:       − × ×                   + ×

                  + = ∑=        − +      − + E A F c F i F c F i VN P i N k E DSC k i E DSC N u u 100 1 100 1 VN The result obtained in formula (i) must be rounded to 5 decimal places. The quantity of securities to collateralize the operation will be obtained as the quotient between the transaction value and the unit price: Pu VT QTQT = VT (ii) The result obtained in formula (ii) must be an integer always rounded up. On the date-value of contracting, the capital to be effectively transacted (VT) must be adjusted to compensate for the effect resulting from rounding in obtaining the total quantity of transacted securities. Thus, the adjusted transaction value (or adjusted financial capital, VT’) is obtained from: VTVT '= Pu ×QTQT The nominal value corresponding to the transacted capital is obtained by multiplying the total quantity of securities by the unit nominal value of each security. (iii) (iv) VN = VNu x QT The total interest value of the operation is calculated by one of the following formulas: (v) JT = VT' x r x or JT = Ju x QT d B

31 DE DEZEMBRO DE 2015 794 — (245) The unit interest value of the operation is calculated by one of the following formulas: Ju = Pu x r x or Ju

d B (vi) JT QT The total repayment value (repurchase/reverse repurchase) on the maturity date of the operation is obtained by one of the following formulas: VR = VT' + JT or VR = Pu (vii) ' x QT The unit repurchase/reverse repurchase price on the maturity date of the operation is obtained by one of the following formulas: (viii) Pu ' = Pu + Ju or Pu ' = VR QT 2. Final Sale/Purchase of Securities Consider the following terminology for the purposes of this regulation: VNu = Unit nominal value of the security = MZN 1,000.00 (for zero-coupon securities) and MZN 100.00 (for coupon-bearing securities). Pu1= Unit updated/discounted price of the security (final sale/purchase price) at time t. Pu t-l = Acquisition Price of the security at time t-1 (in the primary or secondary market). If in the primary market, Pu t-1 equals the issue price; if in the secondary market, it equals the final sale/purchase price at the time prior to the current operation. B = Annual base (365 days). ci = Coupon interest rate F = Coupon payment frequency in a year N = Number of remaining coupons from the settlement date to maturity DSC = Number of days from the settlement date to the next coupon date E = Number of days in the coupon period containing the settlement date A = Number of days from the start of the coupon period to the settlement date k = Sequential number for each coupon observation from settlement to maturity Pm = Market Price. t = Date-Value of the operation. t’ = Term (in days) elapsed since acquisition to the Date-Value of valuation. n = Term of the security (in days). n’ = Number of days to maturity (n’ = n-t, in days). QT = Quantity of securities to be delivered/received. VN = Total nominal value of the operation. r = Interest rate of the operation. rt = Interest rate by which the security is remunerated since acquisition until period t. rt-1 = Interest rate of the operation at time t-1. May be identical to the issue interest rate when period t-1 coincides with the issuance moment. VT = Total Transaction Value of the operation (financial capital). VT’ = Adjusted Total Transaction Value (adjusted financial capital). JT = Total interest of the operation (for the buyer). Ju = Unit interest of the operation (for the buyer). Gc = Capital Gain (for the seller). Pc = Capital Loss (for the seller). Operation Scheme Security n' = n-t COMPRA / VENDA DEFINITIVA 0 t n The unit price of a security at each moment in its useful life is obtained from the following formula: For zero-coupon securities: B r n' VN B P u ut + × × = VN (ix) For coupon-bearing securities:       − × ×                   + × +                   + = ∑=        − +      − + E A F c F r F c F r VN P i N k E DSC k i E DSC N u ut 100 1 100 1 VN The result obtained in formula (ix) must be rounded to 5 decimal places. The quantity of securities serving to collateralize the operation is obtained as the quotient between the transaction value and the unit price: ut P VT QTQT = VT (x) The result obtained in formula (x) must be an integer always rounded up. On the date-value of contracting, the capital to be effectively transacted (VT) must be adjusted to compensate for the effect resulting from rounding in obtaining the total quantity of transacted securities. Thus, VT’ is obtained from: VT P QT ut (xi) VT' '= × QT The total nominal value corresponding to the transacted capital is obtained by multiplying the total quantity of securities by the unit nominal value of each security. (xii) VN = VNVNu ×QTQT , where VNu VN = MZN 1,000.00.

794 — (246) I SÉRIE — NÚMERO 104 The total interest value of the operation, to be received by the buyer at the end of its useful life, is calculated by: JT = VN - VT' Capital Gains and Capital Losses Capital gains (Gc) and capital losses (Pc) are determined by the following formula: 1 , − = −t t Gc Pc Pu Pu (xiv) The seller will obtain a capital gain if the result is greater than zero; and will have a capital loss if the result is less than zero. Where it is calculated by the formula ut −1 P B r n VN B P t u ut + × × = − − 1 1 VN Capital Gains and Capital Losses (Realized) Upon final sale of the security, the seller may realize a capital gain or loss, resulting from the difference between the effective sale price (Put) and the price at which the same security is valued in the market. The market price (Pm) is calculated by the following formula: B i n VN B P m u m + × × = VN where we have: (xv) • Capital Gain, if > Pm • Capital Loss, if < Pm ut P ut P Value Fluctuation In accordance with International Financial Reporting Standards (IFRS), securities held for trading are subject to market valuation (mark-to-market). The difference between the market price (Pm) and the Book Price (Pcont) results in value fluctuations, which may be negative or positive. The Book Price is calculated by: ) ' 1 (1 B t r P P t Cont t × = − + (xvi) • Negative Fluctuation > Pm • Positive Fluctuation < Pm Pt−1 Pt−1 Aviso n.º 8/GBM/2015 de 31 de Dezembro Given the need to adjust Notice No. 7/GBM/2013, of September 18, to the current stage of development of the Interbank Money Market, with the objective of allowing Treasury Bonds to be used as one of the eligible securities in Interbank Money Market (IMM) operations, the Bank of Mozambique, using the powers conferred by paragraph 1 of Article 21 of Law No. 1/92, of January 3 (Organic Bank Law), determines: ARTIGO 1 The following are amended: a) The fourth paragraph of Notice No. 7/GBM/2013, of September 18, regarding the Department at the Bank of Mozambique competent for handling...