Regulatory Alerts1993-06-24
Added · Updated
Notice No. 001/GGBM/93 - Sets Interest Rates Under Article 53 of Law No. 28/91
The Governor of the Bank of Mozambique establishes a minimum interest rate of 22.5% for time deposits up to 180 days and a maximum rate for credit operations set at 3 percentage points above the Bank's Rediscount Rate. All other interest rates for deposits and credit operations remain subject to negotiation between banks and economic agents. This Notice applies to existing operations if their contracts allow for alteration upon legal fixation of limits and takes effect on May 4, 1993.
BANCO DE MOÇAMBIQUE
NOTICE NO. 001/GGBM/93
Pursuant to the provisions of Article 53 of Law No. 28/91 of December 31, on Interest Rates, the Governor of the Bank of Mozambique determines:
I. The following rates are established:
- Time deposits up to 180 days .................... minimum: 22.5%.
- Credit operations ..................................... maximum: 3 percentage points above the Bank of Mozambique's Rediscount Rate.
II. The remaining rates, for time deposits or demand deposits, as well as for credit operations, shall result from negotiation between each bank and the economic agents.
III. The interest rate regime hereby fixed may apply to operations in force on the date of entry into force of this Notice, when the respective contract provides for its alteration in the event of legal fixation of the other limit.
IV. This Notice shall take effect from May 4, 1993.
Published.
Maputo, May 3, 1993
The Governor of the Bank of Mozambique Afonso Maleiane