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Mozambique: Foreign Exchange Law approved
4:11 CAT | 12 Oct 2022
Image: Domingo
The Assembly of the Republic (AR) approved today in general and by consensus the proposal for the revision of law number 11/2009, of 11 March – the Foreign Exchange Law.
This is a legal provision that aims to render Mozambique’s foreign exchange market modern, safe and efficient, in accordance with the best international practices; as well as harmonising with the flexibility objectives outlined by the Southern African Development Community (SADC).
The government hopes the revision will strengthen the role of the metical in domestic commercial transactions and harmonise Mozambican law with the various special exchange regimes in force.
Minister of Justice, Constitutional and Religious Affairs Helena Kida explained that the law in force is inappropriate to the country’s stage of economic growth, being “characterised, on the one hand, by the multiplication of the network of relationships between residents and non-residents in commercial exchanges and, on the other hand, by the volume of foreign investment, with an impact on projects for the exploitation of natural resources”.
Source: Domingo
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