Foreign exchange bureaus in Mozambique limited to serving only individuals

11 July 2011

Maputo, Mozambique, 11 July – Foreign exchange bureaus in Mozambique are limited to serving individuals under the terms of the ne Foreign Exchange Law, which is due to be enforced Monday across the country.

Under the new regulations, exchange rate operates between exchange bureaus and companies, institutions and organisations will come to an end, and these organisations will have to approach retail banks for their foreign exchange needs and these operations will require prior authorisation from the Bank of Mozambique.

The new regulations introduces the principle of obligatory consignment of exchange assets for all resident bodies, of goods and services export revenues and foreign investment.

This means that revenues from the export of goods and services and from investment should be sent to the country within 90 days via the banking system and reflected in meticals.

Cited by daily newspaper Notícias, Luís Magaço, manager of the Financial policy department at the Mozambican Confederation of Economic Associations (CTA) said that the legislation brought along, “concrete benefits in current transactions that were so far rather bureaucratic.” (macauhub)