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Revision of Foreign Exchange Law. CTA advocates a review covering related regulations
3:36 CAT | 10 Sep 2020
File photo: Voa Portugues
The CTA last week sent to the Bank of Mozambique the private sector’s technical and legal advice on the upcoming revision of the Foreign Exchange Law.
The CTA argues in the document that, in order to achieve the desired impact, the review should cover not only the Foreign Exchange Law (No.11/2009 of 11 March), but also all the related regulations.
Among the instruments which the CTA proposes be revised are Decree No. 49/2017, of 11 September – the Exchange Law Regulation; Notice no. 20 / GBM / 2017, of 27 December – Foreign Exchange Rules and Procedures; and Notice 0 / GBM / 2019, of 20 December – Regulation on the Opening and Operation of Foreign Currency Accounts.
CTA underlines that stability and predictability of rules and regulations are of great relevance to business, and therefore advocates that the structural aspects of the foreign exchange regime must be included in the Law of the Assembly of the Republic; that the regulation must be made by Decree of the Council of Ministers, as it was up to Decree 83/2010 of 31 December; and that the Bank of Mozambique Notices must be used for more detailed aspects of implementing the rules already contained in the law and decree.
Read the full text of the CTA Legal Technical Advice in Portuguese HERE:
Source: CTA / Press Release
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