Mozambique: Commercial banks granted greater responsibility in managing foreign exchange operations
File photo: Supplied (cropped)
On the 31st of May, Banco Société Générale Moçambique, in partnership with the French Business Club and the European Business Club, will present the major changes on the foreign exchange norms and procedures, in a conference cocktail, at 6pm, at Polana Serena Hotel, in Maputo.
The new exchange norms and procedures, approved by means of the Notice No. 20/GBM/2018, of 27th December, as amended by Notice No. 4/GBM/2018, of 13th April, despite maintaining the backbone of the foreign exchange legislation, has brought notable progress in the liberalisation of the daily transactions and the abolishment of need of prior authorisation from Central Bank for a considerable number of processes. Additionally, the new notices, alter the regimen of repatriation export proceeds from sale of goods and services and of revenues from investments held abroad.
Notwithstanding the valuable transformation introduced by the Central Bank, many questions have arisen, mainly when referring to the treatment of the export proceeds specific accounts, local resident’s investments abroad and the local payments in foreign currencies. It is with the objective to share with the business community and relevant stakeholders (investors, exporters, importers, financiers, etc.), the main changes, implications and consequences of this new regimen, that this forum will be held. Through the application of a very pragmatic approach to the interpretation and implementation of the new legal provision, participants will get the opportunity to have a better understanding of the new regimen and to address the questions that they have regarding the topic.
This event, will also count with a macroeconomic presentation from the World Bank, providing an updated overview of the economic plane field of the country.
Through this initiative, Banco Société Générale Moçambique aims at being a contributor to the promotion of an improved business environment in Mozambique, through the provision of timely financial and economic information and by sharing its expertise, as an advisory bank, that clients and investors can rely on.
Société Générale is one of the largest European groups of financial services. Based on a diversified universal banking model, the Group combines financial solidity with a sustainable growth strategy and aims to be a benchmark for the banking relationship, recognized in its markets, close to customers and chosen for the quality and commitment of its teams. Société Générale Group has been playing an active role in the economy for more than 154 years. With more than 147,000 employees, headquartered in 67 countries, we serve approximately 31 million customers all over the world on a daily basis.
In October 2015 Société Générale Group bought a 65% stake in MCB Moçambique, which was renamed Société Générale Moçambique. With approximately 130 employees, SG Moçambique is able to support its clients in their day-to-day transactions and also in their investment projects.
Building on the Group’s privileged position in Africa, which combines the advantages of a global bank and the proximity of a local bank, Banco Société Générale Moçambique will follow the economic growth of the country, developing universal bank services oriented to a clientele not only of local and international companies but also for private clients.
For more information: www.societegenerale.com e https://afrique.societegenerale.com/en/Source: Societe Generale Moçambique / Press Release