Regulatory Alerts2016-11-08
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Notice No. 02/GBM/2016, of November 2 - Amendment to the Regulation on the Calculation and Establishment of Mandatory Reserves (Revokes Notice No. 1/GBM/2016)
The Bank of Mozambique issued Notice No. 2/GBM/2016 to approve the Regulation on the Calculation and Establishment of Mandatory Reserves, which establishes levy bases, minimum daily rates (13% for national currency and 15% for foreign currency), calculation methodologies, and penalty frameworks for credit institutions. The regulation mandates daily balance monitoring, specifies cash and transfer methods for reserve fulfillment, and introduces a penalty escalation mechanism for persistent deficits or excesses. It takes effect from the mandatory reserves period beginning August 22, 2016, and formally revokes Notice No. 1/GBM/2016.
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