Regulatory Alerts2012-04-26
Added · Updated
Notice No. 01/GBM/2012 of 26 April - Mandatory Reserves
The Bank of Mozambique approves a Regulation on the Calculation and Establishment of Mandatory Reserves, effective from the reserve establishment period beginning on 07 May 2012. This regulation applies to credit institutions holding resident, non-resident, and state deposits, subjecting them to a minimum daily levy rate of 8.25% on the simple arithmetic mean of these liabilities. It establishes specific calculation and establishment periods, defines acceptable forms of reserve establishment, and mandates the submission of a calculation sheet by the third business day following each period. The document also details penalty mechanisms for reserve deficits, including a fine based on the Permanent Lending Facility rate plus four percentage points, and provides for account blocking in cases of persistent non-compliance.