Single forex rate for Mozambican banks

Freight forwarders, shippers,
clearing agencies and other
companies dealing in foreign
currencies with Mozambican
institutions will now be able to
follow fluctuations three times
a day.
The costs of exchanging
meticals for other currencies
have also been standardised.
Banks and foreign exchange
bureaus in Mozambique must
all offer the same exchange rate,
and also for the different types
of financial operations.
New rules published by the
Bank of Mozambique on March
30 oblige banks and foreign
exchange bureaus to offer
a single selling and a single
buying rate for each currency,
though these rates may change
during the day.
This means there will no
longer be different exchange
rates for bank notes, cheques,
transfers from foreign banks
or other operations involving
foreign currency, according to a
statement issued by the bank.
Banks and exchange bureaus
have to make their exchange
rates easily available to the
public and business.
These rates will be used
by the central bank to fix a
“reference exchange rate” of the
metical against the US dollar.
The rates are reported to
the Bank of Mozambique three
times a day (morning, midday
and afternoon), and the average
exchange rate is worked out at
09.30, 12.30 and 15.30.