An update to Notice no. 7/GGBM/2003, of January 14, requires financial institutions to report all credit operations to the Central Credit Registry (CRC) within 24 hours of the creation, granting/disbursement or renewal of the limit, constitution of the guarantee or completion of the operation.

The revision of the instrument arose from the understanding that the notice, which had been in force for 20 years, was out of date and out of step with the current scenario. The operations were reported once a month.

In this sense, the purpose of making information available is to assess risk and determine debt capacity. But also, the idea is to aggregate data for supervision and monitoring, through the production of reports, analysis of the stability of the financial system, statistical compilations and monetary policy.

The information on credit operations to be sent to the CRC must be accurate and complete, in a format suited to the characteristics and nature of each institution.

The CRC operates at the Bank of Mozambique and its purpose is to centralize data on actual or potential credit liabilities with participating entities, arising from transactions involving natural, legal or similar persons as borrowers, guarantors or sureties. (Source: Notícias)