Project to regulate Exchange Rate Law in Mozambique taken to Council of Ministers in August

20 July 2010

Maputo, Mozambique, 20 July – The project to regulate the Exchange Rate Law, which establishes the new legal framework for foreign exchange operations, is due to be submitted to the Mozambican Council of Ministers in the first half of August, officials said in Maputo Monday.

On the sidelines of a session to present and discuss the project, at the request of the Confederation of Economic Associations of Mozambique (Cta), Luís Magaço Júnior, the head of the Cta’s Financial Policy department said that one of the biggest advantages of the new law “is that it contains all the regulations and requirements that already exist into one single document.”

Drawn up by an inter-sector group that included the Bank of Mozambique and the Finance Ministry, the new regulation introduces substantial changes, particularly to the way that foreign exchange transactions are carried out and statements of foreign currency entering and leaving the country. (macauhub)