Regulatory Alerts2005-12-20
Added · Updated
Notice No. 13/GBM/2005: Regulation of the Interbank Foreign Exchange Market
The Bank of Mozambique approves the Regulation of the Interbank Foreign Exchange Market, revoking Notice No. 07/GGBM/2004. The regulation mandates that all interbank foreign exchange operations be conducted electronically via the Bank's software application and requires participating commercial banks and authorized credit institutions to adhere to specific operational rules. It establishes a minimum transaction threshold of USD 250,000 for Bank of Mozambique counterparty operations and defines detailed procedures for currency auctions, including proposal limits and exchange rate bands. Additionally, the document imposes obligations on institutions to submit daily statistical information and comply with settlement and confirmation protocols.