Regulatory Alerts1996-01-10
Added · Updated
Notice No. 004/GGBM/96 of July 16 - Creation of the Interbank Foreign Exchange Market
The Bank of Mozambique establishes the Interbank Foreign Exchange Market (MCI) to regulate foreign currency transactions among authorized operators. Commercial banks must adhere to position limits set by the central bank, selling excess amounts within the market at rates not exceeding 2% above their published selling rate. Participants are required to submit daily and weekly reports on exchange rates and positions by specific deadlines, and the Bank of Mozambique will determine a weekly fixing exchange rate during Friday sessions.
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