In order to mitigate the negative impact of the COVID19 pandemic in the Mozambican economy and to pave way for more efficient forex transactions while adjusting to the dynamics of the forex market at present, the Central Bank of Mozambique by means of Notice No. 6/GBM/2020, of 10 June has introduced some amendments to the Forex Regulations – approved by means of Notice No. 20/GBM/2017 of 27 December.
The key amendments can be described as follows:
(a) Repatriation of proceeds – the repatriation of proceeds arising from export of goods and services and revenue generated abroad shall be made by bank transfer to a specific export proceeds account held by the beneficiary where the commercial bank shall convert into Meticais thirty percent (30% ) of the relevant amount, at the exchange rate of the date on which the proceeds are received. The remaining balance of seventy percent (70%) may be kept in foreign currency and can be used for transfers to bank accounts of the same nature and may be converted into Meticais to pay to resident entities.
(b) Advance direct payments – The post of a performance guarantee is no longer required for advanced payments in an amount equal or higher than two hundred and fifty thousand United States Dollars (USD 250,000).
(c) Current transfers abroad – A tax clearance certificate is no longer required to submit to the commercial bank for transfers abroad relating to: (i) payment of healthcare, education and accommodation-related expenses as long as such payment is made directly to the relevant services providers; (ii) payment of alimony, (iii) payment of family expenses and (iv) payment of travel and tourism-related expenses.
Should you require any further assistance, feel free to reach out to the Legal Matters Portfolio.
