BOLETIM DA REPÚBLICA — PUBLICAÇÃO OFICIAL DA REPÚBLICA DE MOÇAMBIQUE

SUMÁRIO

A V I S O

The matter to be published in the «Boletim da República» must be submitted as a duly authenticated copy, one for each subject matter, containing the necessary indications and the following endorsement, signed and authenticated: For publication in the «Boletim da República».

IMPRENSA NACIONAL DE MOÇAMBIQUE, E. P.

Ministries of Public Works, Housing and Water Resources and of Economy and Finance:

• Diploma Ministerial n.º 117/2019: Extends until December 31, 2019 the deadline established in Article 5 of Ministerial Diploma n.º 38/2019, of April 24.

Banco de Moçambique

• Aviso n.º 09/GBM/2019: Amends paragraph d) of Article 7 of Notice n.º 6/GBM/2005, of March 23.
• Aviso n.º 10/GBM/2019: Approves the Regulation on the Opening and Operation of Foreign Currency Accounts and revokes Notices n.º 4/GBM/2018, of March 22, and n.º 8/GBM/2018, of October 1.

Friday, December 20, 2019 | I SERIES — Number 246

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MINISTRIES OF PUBLIC WORKS, HOUSING AND WATER RESOURCES AND OF ECONOMY AND FINANCE

Diploma Ministerial n.º 117/2019

of December 20

Having found the 90-day period insufficient for the Implementation Commission to complete the transfer of rights and obligations previously supervised by the extinct Maputo South Development Company, EP, under Article 3 of Decree n.º 14/2019, of February 28, the Ministers of Economy and Finance and of Public Works, Housing and Water Resources determine:

Article 1. The deadline established in Article 5 of Ministerial Diploma n.º 38/2019, of April 24, is extended until December 31, 2019.

Article 2. This Diploma enters into force immediately.

Maputo, on October 31, 2019. — The Minister of Public Works, Housing and Water Resources, João Osvaldo Moisés Machatine. – The Minister of Economy and Finance, Adriano Afonso Maleiane.

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BANCO DE MOÇAMBIQUE

Aviso n.º 9/GBM/2019

of December 20

Given the need to make targeted amendments to the Regulation on the State Fund Transfer System, approved by Notice n.º 6/GBM/2005, of March 23, the Bank of Mozambique, exercising its powers under Article 40 of Law n.º 1/92, of January 3 (Organic Law of the Bank of Mozambique), and Article 77 of Decree n.º 23/2004, of June 30, determines:

ARTIGO 1
(Amendment of Article)
Paragraph d) of Article 7 of Notice n.º 6/GBM/2005, of March 23, is amended to read as follows:

ARTIGO 7
(Reasons for return of transfers in the STF) The following constitute reasons for returning electronic transfers in the STF:
a) ……………………………………………………….; b) ……………………………………………………….; c) ……………………………………………………….; d) The indicated NUIT is not associated with the beneficiary client’s NIB.

This Notice enters into force on its publication date.
Doubts arising from the interpretation and application of this Notice must be submitted to the Banking Services and Payment Systems Department of the Bank of Mozambique. Maputo, November 13, 2019. — The Governor, Rogério Lucas Zandamela.

Aviso n.º 10/GBM/2019

of December 20

Given the need to refine the regime for opening and operating foreign currency accounts, in order to align it with new macroeconomic developments impacting the exchange rate market, and exercising its power under Article 5 of Decree n.º 49/2017, of September 11, which approves the Regulation on the Exchange Rate Law, the Bank of Mozambique determines:

1. The attached Regulation on the Opening and Operation of Foreign Currency Accounts is approved, forming an integral part of this Notice.
2. Notices n.º 4/GBM/2018, of March 22, and n.º 8/GBM/2018, of October 1, regarding the Conditions for Operating Specific Revenue Accounts from Export Income and Conversion of Export Revenues of Goods and Services, Investment Income Abroad, and Other Funds Received from Abroad, respectively, are hereby revoked.
3. Articles 105 and 106 of Notice n.º 20/GBM/2017, of December 27, approving the Exchange Rate Norms and Procedures, are also revoked.
4. This Notice enters into force on its publication date.

Doubts arising from the interpretation and application of this Notice must be submitted to the Licensing and Exchange Control Department of the Bank of Mozambique. Maputo, November 22, 2019. — The Governor, Rogério Lucas Zandamela.

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Regulation on the Opening and Operation of Foreign Currency Accounts

SECÇÃO I

Disposições Gerais (General Provisions)

ARTIGO 1
Object
This regulation establishes the norms and procedures to be observed in opening and operating foreign currency accounts, regardless of the funding source or account opening date.

ARTIGO 2
Scope
This regulation applies to all participants in exchange rate operations carried out under the Exchange Rate Law, as well as entities responsible for ensuring compliance with their norms, namely:
a) Individuals or legal entities, private or public, holding rights and obligations regarding these operations; b) Entities authorized to carry out exchange rate operations; c) Regulatory, supervisory, and judicial administration entities, within their legally conferred competencies.

SECÇÃO II

Abertura de contas (Account Opening)

ARTIGO 3
Opening of foreign currency accounts by residents

1. The opening of foreign currency or account units used in international clearing or payments by residents, domestically or abroad, is subject to authorization by the Bank of Mozambique.
2. Requests for opening foreign currency accounts domestically by residents are submitted by interested parties to banks, using a specific form model established by the Bank of Mozambique and presenting supporting documents for the request.
3. Requests for opening accounts abroad by residents are submitted by interested parties to the Bank of Mozambique, using a specific form model established by the Bank of Mozambique and presenting supporting documents for the request.
4. The opening of foreign currency accounts domestically by residents is authorized for those with a proven relationship abroad or with non-residents, namely:
   a) Exporters; b) Companies or organizations; c) Workers or employees of diplomatic, consular, or equivalent representations; d) Other entities generating or receiving foreign exchange.
5. In opening accounts under the preceding paragraph, banks must observe their verification duty.

ARTIGO 4
Opening of foreign currency accounts by non-residents

1. The opening of foreign currency accounts domestically by non-residents is free.
2. Exceptions to the preceding paragraph apply when account opening relates to capital operations.
3. For cases referred to in paragraph 2, the procedure established in paragraph 2 of Article 3 applies.

ARTIGO 5
Opening of specific revenue accounts

1. A specific revenue account is understood as a bank account opened by an exporter or investor, intended to receive export income from goods and services or investment income abroad.
2. The specific revenue account may be original, when opened for the purpose of receiving export income from goods and services or investment income abroad, or transformed, when resulting from the modification of a normal foreign currency account into a specific revenue account.
3. Specific revenue accounts are created and maintained separately from other foreign currency accounts of the same holder.
4. Funds in a specific revenue account resulting from the modification of a normal foreign currency account follow the specific revenue account regime.
5. The transformation of a specific revenue account into a normal foreign currency account is prohibited.

SECÇÃO III

Fontes de alimentação e meios de movimentação (Funding Sources and Operation Means)

ARTIGO 6
Funding sources of foreign currency accounts

1. Foreign currency accounts may be funded by all legally permitted sources, provided the rules governing each operation are observed.
2. Funding sources for foreign currency accounts include, namely:
   a) Export revenues; b) Investment income abroad; c) Foreign direct investment; d) Credits contracted abroad; e) Donations received from abroad; f) Other funds, not falling under the preceding paragraphs, that are duly justified.

ARTIGO 7
Operation means of foreign currency accounts

1. Foreign currency accounts may be operated through all legally permitted means, provided the rules governing each operation are observed and the limits imposed by this Regulation and applicable legislation are respected.
2. Operation means include, namely:
   a) Deposits of notes or checks; b) Withdrawals for travel abroad; c) Transfers; d) Other payment means accepted by the banking system.

SECÇÃO IV

Movimentação de contas (Account Operation)

ARTIGO 8
Exchange rate for conversion
In all account operations involving currency conversion, the spot exchange rate of the bank where the account is domiciled applies on the date and moment of operation execution.

ARTIGO 9
General rule on foreign currency account operation

1. Foreign currency accounts may be freely operated, credited or debited, in the holder's transactions with abroad.
2. The operation of foreign currency accounts in domestic transactions follows the rules and procedures set forth in this Regulation and applicable legislation.
3. Operation between foreign currency accounts of the same holder in the same bank and same currency is permitted.
4. The operation of foreign currency accounts of the same holder between banks is subject to the rules and procedures set forth in this Regulation and applicable legislation.

ARTIGO 10
Debit operation of foreign currency accounts

1. The debit operation of foreign currency accounts in domestic transactions, regardless of funding source and operation means, is made through conversion to the national currency.
2. The following situations are exempt from the preceding regime:
   a) Amortization of foreign currency bank credits; b) Compliance with Article 121 of Notice n.º 20/GBM/2017, of December 27; c) Payment to a non-resident account domiciled in national territory; d) Establishment of time deposits; e) Funding of the same holder's foreign currency account in another bank within the banking system, for the purpose of making an immediate transfer abroad, upon presentation of supporting documents; f) Account closure.
3. The operation referred to in paragraph e) must be carried out within a maximum period of forty-eight hours, counting from the date of funding the foreign currency account in another bank.
4. When the transfer abroad is not effected within the period referred to in the preceding paragraph, the intermediary bank must return the value to the originating bank.
5. At maturity or early redemption of time deposits established under paragraph d) of paragraph 2, the freed funds are subject to the account operation rules set forth in this Regulation.

ARTIGO 11
Credit operation of foreign currency accounts

1. The credit operation of foreign currency accounts in domestic transactions is only permitted in the following situations:
   a) Credit resulting from operations provided for in paragraph 2 of Article 10; b) Credit resulting from note deposits; c) Credit to a non-resident account domiciled in national territory; d) Credit to the holder's foreign currency account from the same holder's domestic currency account in the same bank, provided the operation is linked to a transfer abroad, observing the requirements of the respective exchange rate operation, to be carried out within forty-eight hours from the date of foreign currency purchase; e) Credit resulting from check deposits.
2. The credit operation referred to in paragraphs d) and e) is only permitted if there is partial or total unavailability of funds in the referenced foreign currency accounts for a specific transfer abroad.
3. The credit operation referred to in the preceding paragraph is conditional upon the account holder presenting supporting documents proving the existence of the obligation for transfer abroad to which it is linked.
4. Whenever the operation that motivated the conversion to foreign currency was not carried out within forty-eight hours, the bank must execute a reverse operation by converting foreign currency values to national currency, crediting the ordering holder's account, at the exchange rate in force on the date and moment of reverse execution.

ARTIGO 12
Debit operation of accounts in operations with abroad

1. When individuals or legal entities holding foreign currency-denominated accounts, including specific revenue accounts, wish to settle any operations with abroad, they must prioritize using the balance existing in these accounts.
2. In case of partial or total unavailability of funds in the referenced foreign currency accounts for settling the operations referred to in the preceding paragraph, the regime set forth in paragraphs 2 and 4 of Article 11 applies.

ARTIGO 13
Fund withdrawal

1. The withdrawal of funds from foreign currency accounts may only be made for travel abroad purposes, and is limited to a maximum value equivalent to USD 10,000.00 (ten thousand United States dollars) per individual aged eighteen or above.
2. Within the exercise of their verification duty, banks may, if circumstances justify, require adequate supporting elements for the transaction.
3. Without prejudice to the preceding paragraph, for the purposes of withdrawal under this article, banks are subject to identification and due diligence duties set forth in legislation on the prevention and combating of money laundering and terrorist financing.

SECÇÃO V

Disposições especiais (Special Provisions)

ARTIGO 14
Special exchange rate regimes
The rules established in this Regulation do not apply to holders of foreign currency accounts who, by Law or equivalent diploma, enjoy a special exchange rate regime, to the extent that the purpose for which such regime was created is incompatible with this Regulation's rules.

ARTIGO 15
Debit operation of accounts held by non-residents

1. The debit operation of foreign currency accounts held by non-residents is subject to the regime established in this Regulation for residents.
2. Diplomatic, consular, or equivalent representations may operate their foreign currency accounts for transfers related to goods, services, and other operations, with receiving accounts subject to the limitations imposed by this Regulation and applicable exchange rate legislation.

SECÇÃO VI

Disposição final (Final Provision)

ARTIGO 16
Sanction regime
Violation of the provisions set forth in this Regulation is punishable under Articles 10 and following of Law n.º 11/2009, of March 11 – Exchange Rate Law.

Price — 20.00 MT
IMPRENSA NACIONAL DE MOÇAMBIQUE, E.P.