Regulatory Alerts2008-02-13
Added · Updated
Notice No. 1/GBM/2008 Concerning the Period for the Formation of Mandatory Reserves and Revoking Notice No. 2/GBM/2007
The Bank of Mozambique reduces the mandatory reserve incidence rate for credit institutions from 10.15% to 9.00% and establishes new calculation and formation periods. The regulation defines the incidence base as Class 4 liabilities, sets formation periods for the 1st and 2nd halves of the month, and mandates the submission of reserve calculation forms by the third business day following each calculation period. It also specifies penalty formulas for reserve deficits, including a 10 percentage point aggravation for three consecutive periods of non-compliance and account blocking mechanisms for persistent deficits. This Notice takes effect from the mandatory reserve formation period starting on 7 April 2008, revoking Notice No. 2/GBM/2007.