Regulatory Alerts1994-12-01
Added · Updated
Notice No. 017/GGBM/94 Determination of Interest Rates under Article 53 of Law No. 28/91
The Governor of the Bank of Mozambique sets the annual central bank rediscount rate at 69.7% and establishes usage limits for rediscount operations relative to demand deposits. Specifically, rediscounts are limited to 6% of demand deposits for terms up to two weeks, with an additional 6% allowed for one-week terms subject to a 2% rate increase. This notice applies to existing operations if their contracts permit alteration upon legal fixation of new limits and takes effect on November 26, 1994.
BANCO DE MOÇAMBIQUE
NOTICE No. 017/GGBM/94
Pursuant to the provisions of Article 53 of Law No. 28/91 of 31 December, on Interest Rates, the Governor of the Bank of Mozambique determines:
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Annual central bank rediscount rate: 69.7% • Usage limits as a percentage of demand deposits: a) Rediscount: limit up to 6% .......................................... term up to 2 weeks; b) Additional amount up to 6% ............................................ term up to 1 week. In this case, the rate will be increased by 2%.
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The rate regime established herein 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 another limit.
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This NOTICE takes effect from November 26, 1994.
Published.
Maputo, November 25, 1994
The Governor of the Bank of Mozambique Adriano Afonso Maleiane