Regulatory Alerts2018-11-18
Instruction No. 15/2018 of November 19 on Foreign Currency Policy – Sale of Foreign Currency to Exchange Offices and Payment Service Companies
The Bank of Angola amends foreign currency sale procedures for Exchange Offices and Value Transfer Companies by mandating full regulatory compliance, capping weekly foreign currency purchases at each entity’s own funds, and requiring commercial banks to allocate foreign exchange under standardized auction terms. Commercial banks must provide physical banknotes exclusively to Exchange Offices, restrict Value Transfer Companies from using foreign exchange for purposes other than covered remittances, and may charge a spread of up to 2% on the reference exchange rate, with all fees payable in Kwanzas. The directive further establishes mandatory conflict-of-interest mitigation processes for commercial banks, grants the Bank of Angola authority to resolve interpretative doubts, and imposes sanctions including temporary market exclusion for non-compliance.