Mozambique government moves to revise foreign exchange law

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Mozambique government moves to revise foreign exchange law

12:12 CAT | 25 Aug 2017

File photo / Central Bank of Mozambique headquarters in Maputo

The Council of Ministers says it is planning to make significant changes to the currency exchange law currently in force in the country.

Spokeswoman for the weekly session of the Council of Ministers Ana Comoana announced the approval of the decree on the revision of the regulation of the foreign exchange rate law, Law No. 11 of 2009, of March 11, approved by Decree No. 83 of December 2010.

Comoana said the revision would reinforce the role of the Bank of Mozambique as the state’s foreign exchange authority ensuring a more flexible response and allow greater capacity to intervene in a timely manner, taking into account the economic and social reality of the country.

At the insistence of the journalists covering the weekly information session, Comoana explained that some foreign exchange issues are the responsibility of the Council of Ministers under current legislation, and these would be transferred to the Bank of Mozambique.

Mozambique’s current foreign exchange law has been in force since July 11, 2011. Its main objective is the control of acts, business, transactions and operations carried out by residents or non-residents that result or may result in payments or receipts abroad, or that are qualified by law as foreign exchange transactions.

In Mozambique, withdrawals of foreign currency are limited to a US$5,000 per transaction with the presentation of a travel plan. Amounts up to 10 million meticais or 5,000 dollars in banknotes do not have to be declared at the moment of entry or exit of the country, but the opening and movement of bank accounts in national currency by non-residents is subject to prior authorisation from the Bank of Mozambique.

By Eugénio da Câmara

Source: Canalmoz