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NOTICE: Prohibition of external receipts via SWIFT MT103 in national currency

Please note that the Bank of Mozambique has communicated on the 10th June 2020 all commercial banks to not process inward payments in local currency, as they must be remitted to Mozambique in foreign currency, despite the beneficiary account being in MZN or in foreign currency.

It should be noted that all transactions for the entry of funds into the Country under foreign direct investment, disbursement of external loans and repatriation of export revenues from goods and services, as well as foreign investment, must be sent to the country in foreign currency, the conversion of which must be made in Mozambique, applying the exchange rate of the day in which the transaction is processed.

Considering that the above inward remittances contravenes the exchange regulation, leading to penalties, please be informed that Standard Bank, S.A. will not act upon and will consider as null and void.

However, the remaining payments from non-resident entities to resident entities using MT103 received in Metical may be processed, provided that the reason for the transactions are presented.

For any additional clarification please feel free to contact your relationship manager or address your query to the following e-mail: [email protected]

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