The Bank of Mozambique (BdM) clarifies that non-resident citizens do not need to request prior authorization from the central bank to make investments of up to one million dollars.

According to the document issued by the BdM, "since the provisions of Law no. 11/2009, of March 11, repealed by Law no. 28/2022, of December 19, recently approved, natural or legal persons not resident in Mozambique can freely invest any amount in the country, without the need for prior authorization from the Bank of Mozambique."

The entity also adds that the new Foreign Exchange Law introduced innovations aimed at speeding up foreign exchange transactions, including an increase in the limit on the amount that natural or legal persons resident in Mozambique can freely invest outside the country, from the previous 250,000 dollars, or equivalent per calendar year, to one million dollars.

"The approval of this foreign exchange legislation is aimed at the progressive liberalization of capital operations, coupled with the need to make the foreign exchange market modern, safe and efficient, in line with best international practices," stresses the BdM, adding that the regulations in question establish that commercial banks must credit funds received from abroad to their clients' accounts within two days.

(Source DR)