The pilot phase of Mozambique’s new Import of Goods Banking Intermediation Agreement (TCImport) is currently under way.
This phase, involving 30 preselected importers, is scheduled to run until March 3, 2019. After that it will be compulsory to carry out import operations in Mozambique exclusively through TCImport. The new regulation should help attract investment as it allows export earnings in foreign currency to be fully retained in the respective foreign currency by the exporter.
These funds are to be used for cross-border transactions. Previously 50% of foreign earnings had to be repatriated and converted to local currency.
