“The measure taken by the Bank of Mozambique does not affect the economy. In fact, as far as I know, the institution has revised upwards the amount, from the previous 5 thousand Meticais or Dollars to the current 10 thousand”, said Paulino Cossa, President of the Labor Policy Department at CTA.
About the advantages of the measure, Cossa said that the decision of the Central Bank is advantageous because it allows people to effectively have more purchasing power. In addition, the source pointed out that the measure also aims to combat money laundering and terrorism financing.
The decision of the Bank of Mozambique was based on the terms of Law No. 11/2009 of 11 March – Foreign Exchange Law and complementary foreign exchange legislation in force.
Under this law, the institution issued an alert early last week, in which it informed: “the physical entry and exit of foreign banknotes and coins in national territory, in the amount exceeding the equivalent to USD 10,000.00 (ten thousand US dollars) or 10,000.00 MT (ten thousand Meticais), must be declared and the bearer must present the document of legitimate possession”.
In addition to coins, the Central Bank note also states that the import and export of gold (in bar, ingot or other unworked form), silver, platinum and other precious metals and minerals, the bearer must present, in addition to the import documents, the respective authorization bulletin issued by the Bank of Mozambique.
In this context, the Bank of Mozambique recommends the use of alternative means of payment to bank notes and coins, such as bank cards and telegraphic transfers, to avoid the risk of theft or robbery. (Evaristo Chilingue)
