Regulatory Alerts2005-12-20
Added · Updated
Law No. 7/2005 of 20 December - New Family of the Metical
The Assembly of the Republic establishes a conversion rate of 1000 units, reducing the Metical in circulation to the new family by dividing values by 1000. This currency restructuring enters into force on 1 January 2006, with the Governor of the Bank of Mozambique authorized to define the new family's characteristics and accounting designation. Concurrently, the Council of Ministers grants a thirteenth-month salary allowance to state employees, Defence and Security Forces, and pensioners for the year 2005. The Council also approves the first phase of the Rio Doce Mozambique integrated development project in Moatize, granting special fiscal and customs incentives to the implementing company.
Topics
monetary
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