Today (18), the Banco de Moçambique held a hybrid dissemination session regarding the new foreign exchange regulations at its premises, for over 100 participants, including public and private institutions and the public. 

These regulations concern Law No. 28/2022, of December 29, which approves the Foreign Exchange Law, Notice No. 3/GBM/2024, of March 20, on Standards and Procedures for Carrying Out Foreign Exchange Operations, Notice No. 4/GBM/2024, of March 21, which establishes the Liberalization Regime for Capital Operations and Other Foreign Exchange Operations, and Notice No. 5/GBM/2024, of March 20, March 21, on the Regime for Repatriation and Conversion of Export Earnings from Goods, Services, and Investment Income from Abroad. 

The session's opening speech was delivered by the Board Member for Financial Services and Human Resources, Maria Esperança Mateus Majimeja. The Board Member stressed that the amendments made arose from the need to improve foreign exchange legislation depending on market dynamics, consolidate the principle of liberalization of current transactions, gradually liberalize capital operations, ensure compliance with the duties of verification and registration in real time and the appropriate statistical classification of foreign exchange operations, as well as strengthen the monitoring and control of foreign exchange operations.

Prominent amendments include: (i) the elimination of barriers to foreign investment in Mozambique and investments by residents abroad; (ii) the facilitation of international trade, which boils down to the creation of flexibility mechanisms for foreign exchange operations, through capital account liberalization; (iii) the establishment of mandatory payments in national currency in all domestic transactions in the country; and (iv) the harmonization of the various special exchange regimes in effect, in light of mining and hydrocarbon exploration projects, without, however, undermining the other commitments on the subject.

This session will be followed by two more that will in Nampula and Beira, on June 20 and 27, respectively.