Regulatory Alerts2005-12-20
Added · Updated
Notice No. 3/GGBM/2005 of May 20 - Valuation Exchange Rate
The Bank of Mozambique mandates that credit institutions and financial companies use a specific valuation exchange rate for converting foreign currency assets and liabilities into national currency. The notice establishes a calculation methodology based on weighted averages of interbank and client operations for the US dollar, while referencing Reuters rates for other currencies and London market gold prices. Commercial banks are required to submit daily transaction data by 9:00 hours, and the central bank must disclose the resulting rate by 15:30 hours each business day. This regulation entered into force on May 27, 2005, revoking all contradictory prior provisions.
Topics
monetary
fx
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