Payments made to foreign countries by means of an international credit card are being limited as of 1st January 2016.
The Bank of Mozambique defined that the any payments to foreign countries with international credit card must not exceed, by calender year, the equivalent to 700.000,00 MT (seven thousand meticals).
This limit corresponds to the aggregate value to be granted to each holder, independently from the number of contracts celebrated with one or more issuing entities.
Cases requiring the establishment of an exceptional limit must be duly substantiated, analysed by the issuing entities and submitted to the decision of the Bank of Mozambique.
The entity issuing the international credit card must obtain from the holder a declaration of commitment complying with this payment limit.
These rules apply to the issuing entity and to the holder of an international credit card.
Independently from this limit, the issuing entities must establish specific limits for each holder. When establishing these limits, the issuing entities must be based, among other things, on rules about the issuance of credit cards, domestic policies on such matter, risk profile and other legislation, namely on currency transactions and prevention and combat of money laundering and financing of terrorism.
These entities are obliged to provide information in accordance with the form, model and terms the Bank of Mozambique determines.
References
Note nr. 11/GBM/2015