Regulatory Alerts2000-12-01
Added · Updated
Notice No. 02/GBM/2000 of 23 February - Mandatory Reserves
The Bank of Mozambique fixes the mandatory reserve rate at 7.95% for all credit institutions covered by Law 15/99, applying to specific national and foreign currency liabilities held with the central bank. The tax base is calculated from the average balance of these liabilities over the last three months, with reserves required to be constituted on a daily average basis within a monthly cycle running from the 16th to the 15th. Institutions must submit monthly balance sheets and reserve calculations by the 15th of each month, while new entities receive an automatic six-month exemption from the start of their activity. Non-compliance triggers a monetary penalty calculated via a specific formula based on the reserve deficit, which the Bank of Mozambique debits directly from the institution's demand deposit account.