Notice No. 03/GGBM/2004 - Amendment to the Scope of Application of Notice No. 02/GBM/2004 Regarding Mandatory Reserves

NOTICE NO. 03/GGBM/2004 SUBJECT: AMENDMENT TO THE SCOPE OF APPLICATION OF NOTICE NO. 02/GBM/2004, OF APRIL 20, REGARDING MANDATORY RESERVES

Notice No. 02/GBM/2004, of April 20, which regulates the regime for the establishment of mandatory reserves, provides in its scope of application that it covers all credit institutions included under Law No. 15/99, of November 1. However, some credit institutions listed in Article 3 of Law No. 15/99 do not receive deposits from the public, which is an essential prerequisite for determining the tax base required for the establishment of mandatory reserves.

In these terms and under the provisions of paragraphs 1 and 2 of Article 27 of Law No. 1/92, of January 3, I determine:

Article 1 (Amendment of article)

Article 1 of Notice No. 02/GBM/2004, of April 20, shall henceforth read as follows:

“Article 1 Scope of Application

1. The provisions of this Notice apply to all credit institutions included under Law No. 15/99, of November 1, holding liabilities as referred to in Article 2 and monetary assets with the Bank of Mozambique.

2. Excluded from the provisions of the preceding paragraph are credit institutions that do not receive deposits from the public.”

Article 2

Doubts arising from the interpretation and application of this Notice shall be submitted to the Markets Department of the Bank of Mozambique.

Article 3

This Notice enters into force immediately.

Maputo, August 4, 2004

The Vice-Governor

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(Ernesto Gouveia Gove)