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Webinar: Foreign Exchange Regulation and Marketing Overview

Standard Bank recently promoted a virtual seminar (webinar) about the Regulation of Opening and Operating Accounts in Foreign Currency (Notice 10/GBM/19) in order to explain to its clients the changes that this instrument, approved by the Bank of Mozambique, introduces, as well as its implications, mainly in foreign operations.

This is a document whose implementation has a direct and significant impact on the business and savings of individuals and companies, which led Standard Bank to take the initiative to approach its clients to explain the essence of the notice, as well as clarify possible doubts.

As Standard Bank's Managing Director, Chuma Nwokocha, explained, the webinar was aimed at ensuring that clients are fully aware of Notice 10/GBM/2019, and thereby enable the management of their businesses to run smoothly and in strict compliance with the legislation.

"This is yet another sign that as a bank, we have been, and always will be focused on our customers. We commit to walk them through every step they take, and support them throughout the journey," said Standard Bank's Managing Director, who used the opportunity to urge participants not to lose hope due to the impact of the Covid-19 pandemic on the economy, in particular. "Better days will come, for sure.”

The webinar had as main speaker the Head of Exchange Control, Verification & Advisory of the bank, Joaquim Uaiene, who pointed out, as main aspects of the instrument, the mandatory priority use of the balances in foreign currency accounts for transfer operations to foreign countries, and the imposition of restrictions on the movement of sums between accounts of the same holder between several banks.

Also worth highlighting is the conversion by commercial banks and the transfer of the equivalent amount in meticais to the beneficiary, in payment instructions made in foreign currency in domestic operations between residents.

Through this instrument, according to Joaquim Uaiene, the Bank of Mozambique encourages citizens to do savings in Meticais, not in foreign currency, which can contribute to the appreciation of the national currency.

Savings in meticais may also improve the supply required in foreign currency to the market for transactions abroad, since those with balances in foreign currency will not potentially put pressure on the foreign exchange market whenever they want to make payments abroad if they have the amount they need in foreign currency.

It should be noted that notice 10/GBM/2019 revokes notice 4/GBM/2018 (Conditions for Movement of Specific Export Revenue Accounts), 8/GBM/2018 (Conversion of Revenues from Goods and Services of Foreign Investment Income and Other Funds Received from Abroad), and Articles 105 and 106 of notice 20/GBM/2017 (Opening Accounts in Foreign Currency and Sources of Account Funding).

During the event, Standard Bank's Chief Economist, Fáusio Mussa, and Africa China Banking's Senior Manager, Tanuja Viriato, also spoke on the economic outlook of the market and the Africa-China Agent Service (ACAP), respectively. 

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Webinar: Foreign Exchange Regulation and Marketing Overview

Standard Bank recently promoted a virtual seminar (webinar) about the Regulation of Opening and Operating Accounts in Foreign Currency (Notice 10/GBM/19) in order to explain to its clients the changes that this instrument, approved by the Bank of Mozambique, introduces, as well as its implications, mainly in foreign operations.