Notice 4 / GBM / 2017 of April 20, 2017 – Passes the Regulation on Exchange Reference Rate

Aiming at promoting greater transparency in the market, and more specifically in the process of setting exchange rates, this regulation sets the introduction in the market of an exchange reference rate and the method to be used to calculate same.

The regulation applies to banks and bureau de change, governing the purchase and sale of foreign currency between banks and the public, between bureaux de change and the public, as well as exchange transactions between banks and between banks and the Bank of Mozambique, i.e., the Foreign Exchange Interbank Market.

Accordingly, the regulation comes to set that the market exchange reference rate is the average exchange rate of the transactions between the bank and the public, calculated in the terms laid down in the decree that we have been quoting.

In order to ensure the duty to inform the Bank of Mozambique, that regulatory body makes available through the MeticalNet application, a window where banks must register daily, their exchange rates for the purchase and sale of USD to the public. Banks must also send to the Bank of Mozambique, at the aforementioned periods, and through the MeticalNet, the USD / MZN exchange rates to be applied in the transactions with the public. In cases where there is no update, the Bank of Mozambique will take into account the last exchange rate available.

The calculated exchange rates will be made available by the Bank of Mozambique on its website, through email, fax and other means, and this exchange rate should be made available by the institutions covered by this Regulation in a visible place and easy to be consulted by the public.

Erna Guetsa

Lawyer