Regulatory Alerts2005-12-20
Added · Updated
Notice No. 14/GGBM/2005 on Book Designation of the New Family Metical and Conversion Procedures
The Governor of the Bank of Mozambique mandates that the new Metical be designated as MTn for whole parts and CTn for decimal parts in book entries until December 31, 2006. Banking institutions must automatically convert existing MT balances to MTn by dividing by 1,000 with specific rounding rules, adjusting computer platforms and accounting records to process operations exclusively in MTn from July 1, 2006. The regulation requires dual price indication for foreign exchange quotes and ensures that the conversion process incurs no costs for account holders or instrument possessors.
Topics
monetary
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