News 2 min of reading
The Bank of Mozambique recently announced the removal of obstacles to foreign investment and investments by Mozambican citizens residing abroad, raising the annual limit to one million dollars without the need for prior authorization.
These changes, resulting from new foreign exchange regulations already in effect, aim to facilitate foreign investment in the country and investments by residents abroad. Additionally, they seek to simplify international trade, making foreign exchange operations more flexible through the gradual liberalization of the capital account.
According to the Bank of Mozambique, the values for Foreign Direct Investment and other transactions that do not require prior authorization increased from 250 thousand to one million dollars annually. The obligation to use the national currency in all domestic transactions was also established, along with the harmonization of different exchange rate regimes, especially in mining and hydrocarbon projects, without compromising existing commitments.
The changes in the Foreign Exchange Law and the rules for foreign exchange operations aim to speed up transactions, attract more foreign capital, increase the availability of foreign currency, strengthen the national currency, and create a stable and robust foreign exchange market. The Central Bank reinforces its role as the foreign exchange authority, ensuring timely regulations to correct possible market distortions.
The Oporto Forte Group, with a presence in more than 10 countries and projects in over 30 countries, welcomes the vision of the Bank of Mozambique. If your company is interested in doing business in Mozambique, contact us.