Regulatory Alerts1996-01-10
Added · Updated
Notice No. 17/GGBM/96 of 30 December - Retention of Export Revenues
The Bank of Mozambique authorizes exporting entities to retain up to 100% of their export revenues in foreign currency at authorized credit institutions. This regulation defines exports as transactions between residents and non-residents under the Exchange Law and revokes Notice No. 002/GGBM/96. The notice becomes effective on 2 January 1997.
BANCO DE MOÇAMBIQUE NOTICE No. 017/GGBM/96 SUBJECT: RETENTION OF EXPORT REVENUES Within the framework of incentives that the Bank of Mozambique has been granting to exporters, with a view to increasing the export of goods and services through commercial banks, I determine:
Article 1 The retention in foreign currency by exporting entities of goods and services, at authorized Credit Institutions, may be carried out up to 100% of the value of export revenues.
Article 2 The export of goods and services shall be understood as a transaction carried out between residents and non-residents, in accordance with the Exchange Law.
Article 3 Notice No. 002/GGBM/96 of 28 June 1996 is hereby revoked.
Article 4 This Notice shall take effect from 02 January 1997.
Maputo, 30 December 1996. THE GOVERNOR OF THE BANK OF MOÇAMBIQUE Adriano Afonso Maleiane