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New Exchange Rules and...

New Exchange Rules and Procedures

We hereby inform the business community and other interested parties that the Decree No. 83/2010, of 11 September 2017, which repeals Decree No. 83/2010 of 31 December 2010 (The Exchange Law Regulation), and grants the power of Exchange Authority to the Central Bank as well as the power to regulate the Foreign Exchange Law, has recently been published. Under this power of Exchange Authority, the Central Bank has published the Notice No. 20/GBM/2017 of 11 December, regarding the Foreign Exchange Rules and Procedures for the implementation of the Foreign Exchange Law.

In these terms, we highlight the following changes introduced by the Notice:

 

  1. The removal of the requirement for conversion of export proceeds into local currency, which can be retained 100% in foreign currency accounts and its conversion is tailored according to the exporter needs;
  2. The Foreign Direct Investment no longer requires prior authorisation from the Central Bank, being only subject to registration with the Intermediary Bank within 90 days from the date of entry of the funds in Mozambique;
  3. Foreign Investments by residents up to USD 250,000.00 (two hundred and fifty thousand United States dollars) is already authorised and shall be done through national banking system;
  4. Shareholders, loans and financial credit received from abroad up to the amount of USD 5,000,000.00 (five million United States dollars) is already authorised, being only subject to registration with the Intermediary Bank, provided that it fulfills the requirements set forth in the Notice;
  5. Guarantees related to current transactions are free from prior authorisation;
  6. It was removed from the possibility of special foreign exchange regime under the concession agreements signed by the Mozambican state;
  7. It was introduced a special regime for the Oil and Gas sector in order to allow greater flexibility in foreign exchange operations and financing operations.

 

This notice entered into force on the date of its publication, on 11 December 2017.

Source: Sal & Caldiera Advogados, LDA, is a member of DLA Piper Africa Group, an alliance of leading independent law firms working in association with DLA Piper across Africa.

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