At a time of financial restrictions and tight control of external reserves, the Bank of Mozambique on Wednesday reinforced a directive already provided for in foreign exchange legislation: Mozambican residents may not open or operate bank accounts outside the country without the prior authorisation of the foreign exchange authority.
In a public notice, the central bank recalls that current legislation requires that “the opening and operation of bank accounts abroad by resident entities is subject to the prior authorisation of the Bank of Mozambique”.
The instruction is clear: any request to open an account outside the country must be accompanied by “suitable” documentation — that is, documentation that proves not only the legitimacy of the transaction but also its purpose, detailing the origin of the funds and the justification for needing an account abroad. The bank also advises that the account be opened “preferably with a correspondent financial institution of a bank authorised to operate” in Mozambique.
For cases where accounts already exist abroad without such authorisation, the bank instructs holders to begin a regularisation process, following the procedures established for the lawful opening of accounts.
This tightening of regulation is no coincidence. Although the notice does not say so expressly, the measure comes in a context of growing difficulties in accessing foreign currency, a recurring complaint of Mozambican businesspeople who face obstacles in importing goods and services.
In the same vein of restraint, the Bank of Mozambique had already imposed limits on the use of credit cards abroad, and the Government itself restricted the import of 16 products, citing not only the intention to protect national production but also the need to preserve foreign exchange reserves.
The Bank of Mozambique stresses that these requirements aim to guarantee “the transparency of financial operations abroad and allow adequate monitoring of capital movements”.
