The Bank of Mozambique has set an annual limit of 6 million meticais (around US$93,906 at current exchange rates) for payments made with bank cards abroad. The measure came into effect on Tuesday and will last for 12 months. Through a document obtained by O País, the Central Bank communicated the new limits on foreign transactions made via bank cards.
“Individuals and legal entities may only make payments abroad using bank cards up to an annual limit equivalent to MT 6,000,000.00 (six million meticais).” The notice applies to credit institutions supervised by the Bank of Mozambique, individuals and legal entities, holders of bank cards issued in Mozambique, regardless of whether they are residents or foreign exchange holders. The established limit corresponds to the aggregate amount across the entire national banking system, meaning that the use of cards from different banks by the same person cannot exceed six million meticais, including cash withdrawals. However, it is noted that “the annual limit does not affect the daily limits set for each card by the credit institution.” If there is a need to exceed the established annual limit, a justified request must be submitted within five working days, including: “documents proving the reason for the need; amount; period; destination country; and other relevant information.” After this, the Bank of Mozambique may decide on the case within 15 working days.
Non-compliance with these measures will be considered serious foreign exchange violations, “punishable by fines ranging from 10 to 500 minimum wages for individuals, 20 to 1,500 minimum wages for legal entities.” For credit institutions and financial companies, the penalty varies between 50 and 2,500 minimum wages. For the calculation of fines, the applicable minimum wage is that of the banking sector.”
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