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Bloomberg: Mozambique Sets Foreign-Exchange Limits, Standard Bank Says

Mozambique has instituted restrictions on foreign-exchange withdrawals and sales, Standard Bank Group Ltd.’s unit told account holders in the cash-strapped southern African nation, in an e-mail seen by Bloomberg.

“In response to restrictions on the import of foreign currency notes by the Mozambican Reserve Bank, Standard Bank has been compelled to administer the following restrictions in managing this situation,” the lender said.

“Effectively immediately foreign currency cash withdrawal and sale of foreign currency by account debit, shall observe the following monthly limits: $500, 1000 rand and 500 euro,” it said.

Source: Bloomberg

1 comment

  1. The corrupt elite and the central bank involved in illegally contracting more than US$ 2 billion comercial debts for dubious projects is now forced to pay back the debts , and, at the same time garantee payments , in forex, of imports of basic food stfuffs, fuel etc. The Central bank’s dwindling forex reserves now make them attack those USD accounts held by citizens and foreign residents.. And the commercial bank is part of this shady deal, without protecting its clients….

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