Mozambique - Methods of PaymentMozambique - Methods of Payment
To pay for imports, Mozambican firms need to justify their payment to the Bank of Mozambique and obtain authorization to make foreign payments. This is a common practice, but can be lengthy and cause the importer to take more time to process payments.
Outflow of foreign currency is regulated by the Central Bank. Mozambique’s financial system provides for the most common methods of payment, including open account, letter of credit, cash in advance, documentary collections, etc. Standard and Poor’s and Fitch issue credit ratings for the Government of Mozambique and have recently downgraded their ratings. There is an Information Credit Bureau at the Central Bank that provides information on collection agencies in the country. Law firms also perform collection functions for a fee.