Regulatory Alerts2019-12-20
Added · Updated
Notice No. 10/GBM/2019, of December 20 – Regulation on the Opening and Operation of Foreign Currency Accounts
The Bank of Mozambique issued Notice No. 10/GBM/2019 to approve and implement a comprehensive Regulation governing the opening, funding, and operation of foreign currency accounts for both residents and non-residents. The Regulation standardizes account types, specifies permitted funding sources and transaction means, and establishes strict conversion rules, debit/credit procedures, and withdrawal limits to align with current macroeconomic conditions. It simultaneously revokes previous notices and articles on specific revenue accounts, mandates a 48-hour window for certain cross-border transfers, and enforces compliance through existing exchange rate law sanctions.
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