BANCO NACIONAL DE ANGOLA

Governor's Office

INSTRUCTION NO. 01/17

of 10 January

SUBJECT: PAYMENT SYSTEM

• Value limits
• Issuance of checks, clearing and settlement subsystems

Where there is a need to mitigate the risks inherent in the use of payment instruments and clearing and settlement subsystems;

Considering the provisions of paragraph 1, Article 7 of Notice No. 05/15, of 20 April, regarding the maximum value for the issuance of checks, and Article 2 of Notice No. 08/15, of 20 April, regarding the mandatory limit for the settlement of transfers in the Real-Time Gross Settlement System (RTGS);

Under the combined provisions of Article 7 of Law No. 5/05, of 29 July, the Payment System Law, and Article 51 of Law No. 16/10, of 15 July, the Bank of Angola Law.

I DETERMINE:

1. Maximum value for the issuance of checks

1.1

The maximum value for the issuance of a standardized check, provided for in Article 7 of Notice No. 05/15, of 20 April, is set at 9,999,999.99 Kz (nine million nine hundred and ninety-nine thousand nine hundred and ninety-nine Kwanzas and ninety-nine centimos).

1.2

Banking Financial Institutions must refuse the payment of any check with a value higher than the limit mentioned in the previous paragraph.

---

BANCO NACIONAL DE ANGOLA Governor's Office

2. Mandatory value for clearing in the Credit Transfer System (CTS)

2.1

The maximum value for credit transfers in the CTS is set at 9,999,999.99 Kz (nine million nine hundred and ninety-nine thousand nine hundred and ninety-nine Kwanzas and ninety-nine centimos).

2.2

Taking into account the nature of operations related to the Ministry of Finance, namely payments of public sector salaries and payments by the state to its suppliers, these are not subject to the limit mentioned in the previous paragraph.

3. Mandatory value for gross settlement in the RTGS

3.1

The amount from which the transfer of funds in the RTGS is mandatory, provided for in Article 2 of Notice No. 08/15, of 20 April, regarding the mandatory limit for the settlement of transfers in the RTGS, is set at 10,000,000.00 Kz (ten million Kwanzas).

3.2

Clearing subsystems must reject any operation with a value equal to or greater than that defined in the previous paragraph.

4. Non-compliance

Non-compliance with this Instruction is subject to the sanctions provided for in Law No. 5/05, of 29 July, the Payment System Law, and in Law No. 16/10, of 15 July, the Bank of Angola Law.

5. Revocation

Instruction No. 09/13, of 21 November, is revoked.

6. Doubts and Omissions

Doubts and omissions resulting from the interpretation and application of this Instruction are resolved by the Payment System Department of the Bank of Angola.

---

BANCO NACIONAL DE ANGOLA Governor's Office

7. Entry into force

This Instruction enters into force 7 (seven) days after its publication.

PUBLISH.

Luanda, 10 January 2017.

THE GOVERNOR VALTER FILIPE DUARTE DA SILVA

---

MOD. 150-006 A CONTINUATION OF INSTRUCTION NO. 01/2017 Page 3 of 3

Avenida 4 de Fevereiro, nº 151 - Luanda, Angola - P.O. Box 1243 Tel: (+244) 222 679 200 Fax: (+244) 222 679 217 www.bna.ao