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The Confederation of Economic Associations (CTA) has expressed its satisfaction with the proposed foreign currency exchange regulation produced by the central bank, the Banco de Moçambique.
The proposal follows the passing of Decree No 49/2017 of 11 September by the Council of Ministers, which scraps the current regulation of foreign exchange transactions regime and entrusts it instead to the central bank.
During the hearing on the new regulation yesterday, the CTA met to gather members’ response, at the end of which the chairman of CTA’s financial policy department, Luís Magaço, gave a positive assessment.
“The CTA’s general assessment is that this notice improves many aspects of the foreign exchange regulation and that the concerns of companies and operators are met in some way,” Magaço said.
Magaço said that, although there were some aspects still to be improved, the proposed regulation gave commercial banks more responsibility in the management of foreign exchange transactions.
The CTA submitted a provisional opinion on the proposals to the central bank and will give a final opinion incorporating the contributions made yesterday shortly.
The new regulation on foreign exchange transactions in Mozambique is due to enter into force at the beginning of December.