BANK OF MOZAMBIQUE

NOTICE No. 003/GGBM/92

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:

1. The following annual interest rates are fixed for:

   • Time Deposits
     • Up to 365 days ......................................................................................... 43%
     • 1 to 2 years ............................................................................................. 44%
     • More than 2 years ..................................................................................... 45%
   • Demand deposits may be remunerated, at the discretion of each commercial bank, at an interest rate of up to 3%.

2. The interest rate regime hereby fixed applies to both time deposits constituted from the date of entry into force of this notice, as well as those existing on that date, whose conditions are considered altered under the terms and for the purposes of this notice, provided there has been no express manifestation of will by the depositor to the contrary.

3. Doubts arising from the interpretation and application of this notice shall be clarified by a notice from the Governor of the Bank of Mozambique.

4. The rates hereby fixed enter into force on November 10, 1992.

Published

Maputo, November 9, 1992

The Governor of the Bank of Mozambique
Adriano Afonso Maleiane