Regulatory Alerts1996-12-31
Directive No. 14-DSB-1997, dated January 01
The Banking Supervision Directorate establishes an 11% commission rate for commercial banks selling Traveller’s Cheques to exchange offices, applying the fee to both office and direct client transactions while capping individual sales at USD 100,000. Under Law No. 4/96, these transactions are exempt from Stamp Duty, and banks must submit regular detailed reports of sales values and dates to the Directorate. The directive immediately supersedes point 3 of Directive No. 08/97 and all of Directive No. 10/97, standardizing commission structures and reporting requirements across the sector.
DIRECTIVE NO. 14/DSB/97 SUBJECT:
COMMERCIAL BANKS SALE OF TRAVELLER’S CHEQUES TO EXCHANGE OFFICES In order to minimize the anomalies recorded in the sale of Traveller’s Cheques and as an amendment to the guidelines of Directive No. 08/97, dated July 31, 1997, it is established: 1 - The commission rate of the Banco Nacional de Angola to be charged on operations for the sale of Traveller’s Cheques to Exchange Offices shall henceforth be 11% (eleven percent) and shall apply to operations with exchange offices and with the bank's own clients. 2 - Regarding exclusive operations of banks with their clients, the commission referred to in the preceding subsection shall be charged during foreign exchange sales sessions. 3 - We clarify that, under Law No. 4/96, dated April 12, operations for the sale of Traveller’s Cheques by Banks to Exchange Offices are exempt from Stamp Duty. 4 - The maximum limit per sale of Traveller’s Cheques to be made to Exchange Offices shall be USD 100,000 (One hundred thousand US Dollars). 5 - For control and value replenishment purposes, Commercial Banks shall regularly submit to the Banking Supervision Directorate a detailed report of values sold to exchange offices and their respective dates. 6 - Points No. 3 of Directive No. 08/97 and Directive No. 10/97, dated September 15, are hereby revoked.