Regulatory Alerts2010-09-29
Added · Updated
Notice No. 2/GBM/2010: Regulation on the Calculation and Establishment of Mandatory Reserves
The Bank of Mozambique approves a new Regulation on the Calculation and Establishment of Mandatory Reserves, effective from the reserve establishment period starting on 7 October 2010, which revokes Notice No. 1/GBM/2010. The regulation imposes an 8.75% minimum daily levy rate on the simple arithmetic mean of resident, non-resident, and state deposits held by credit institutions. It establishes specific calculation periods (1st-15th and 16th-end of month) and establishment periods, while mandating that reserves be held in Meticals via cash, checks, or account transfers. Non-compliance triggers monetary penalties calculated using the Permanent Lending Facility rate plus four percentage points, with aggravated penalties for repeated deficits and account blocking for persistent non-compliance.