Regulatory Alerts1997-12-01
Added · Updated
Regulation for the Settlement of Foreign Currency Cheques
The Bank of Mozambique approved the Regulation of the Interbank Settlement System of Foreign Currency Cheques, applying to credit institutions and other designated entities. The rule mandates that cheques drawn on Maputo and Matola be deposited into D.O. accounts with a 48-hour good collection period, while cheques drawn on other localities must be settled within 25 business days. Currency conversions for deposits are executed at the Bank of Mozambique's exchange rate, and interpretation disputes are resolved by the Department of Issuance and Treasury.
Topics
fx
payments
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