Currency exchange offices abide by Central Bank’s new rules, follow single reference rate

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Currency exchange offices abide by Central Bank’s new rules, follow single reference rate

1:45 CAT | 05 Apr 2017

Currency exchange establishments in Maputo on Tuesday implemented the Bank of Mozambique’s unitary reference exchange rate, after failing to do so on Monday, the day it officially came into force.

According to the heads of some bureaux de change, the delay was due to the lack of coordination between themselves and the association that controls their activity, and the president of the Association of Foreign Exchange Bureaux, Custódio Ricardo, told Radio Moçambique that the single rate was only sent by the Bank of Mozambique early on Tuesday afternoon.

The source explained that because of the limited access to coins in some currencies, such as US cents, the exchange bureaux would apply a closely defined rounding procedure.

Source: Rádio Moçambique