Regulatory Alerts2024-09-13
Directive No. 05/2024 on Foreign Currency Purchases for Oil and Diamond Companies
The National Bank of Angola issued Directive No. 05/2024, requiring banking institutions to immediately transfer thirty percent of foreign currency acquired from oil and diamond companies on the Bloomberg FXGO platform into the interbank market. Transactions must employ RFQ or STA commands, target at least three banking institutions per transaction, and remain capped at three weekly transactions per counterparty. If interbank liquidity is insufficient, banks must sell the currency to the National Bank of Angola at the prevailing BGN Bid rate, with the directive taking effect the day after publication.
Share