Mozambique: Requirement to use the national banking system in foreign exchange operations and prohibition of the use of cards for payments related to imports of goods for commercial purposes – central bank

The Bank of Mozambique has today reiterated that the country’s “foreign exchange legislation establishes that all payments to and receipts from abroad must be conducted through the national banking system.” The central bank adds that “accordingly, any payment made abroad or receipt from abroad must be effected through a bank or a payment service provider authorised by the Bank of Mozambique.” The statement also clarifies that, “under the terms of foreign exchange law, the payment of imports of goods for commercial purposes through the use of bank cards is prohibited.” The Bank of Mozambique emphasises that compliance with these rules ensures greater security in transactions, access to official exchange rates, transaction traceability, ease of accounting records for tax purposes, the prevention and combating of money laundering, and avoids the application of fines and other sanctions by the Banco de Moçambique.