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2017-01-01

Instruction No. 01-2017 of January 10 on Payment System Value Limits

The Governor of the Bank of Angola issued Instruction No. 01-2017 to establish maximum value limits for standardized checks and credit transfers within the Credit Transfer System (STC) at 9,999,999.99 Kz. The directive mandates that all fund transfers equal to or exceeding 10,000,000.00 Kz must be settled via the Real-Time Gross Settlement System (SPTR), while explicitly exempting Ministry of Finance operations from these caps. Non-compliance with these requirements subjects financial institutions to sanctions under the Payment System Law and the Bank of Angola Law.

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INSTRUCTION NO. 01/17 of January 10 SUBJECT: PAYMENT SYSTEM

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

Whereas it is necessary 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 April 20 regarding the maximum value for the issuance of checks and Article 2 of Notice No. 08/15 of April 20 regarding the mandatory limit for settlement of transfers in the Real-Time Gross Settlement System (SPTR);

Under the combined provisions of Article 7 of Law No. 5/05 of July 29, the Payment System Law, and Article 51 of Law No. 16/10 of July 15, 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 April 20, 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.

CONTINUATION OF INSTRUCTION NO. 01/2017 Page 2 of 3

  1. Mandatory value for clearing in the Credit Transfer System (STC) 2.1 The maximum value for credit transfers in the STC 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 Given 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.

  2. Mandatory value for gross settlement in the SPTR 3.1 The amount from which the transfer of funds in the SPTR is mandatory, provided for in Article 2 of Notice No. 08/15 of April 20 regarding the mandatory limit for settlement of transfers in the SPTR, 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.

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

  4. Revocation Instruction No. 09/13 of November 21 is revoked.

  5. 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.

CONTINUATION OF INSTRUCTION NO. 01/2017 Page 3 of 3

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

PUBLISH. Luanda, January 10, 2017.

THE GOVERNOR VALTER FILIPE DUARTE DA SILVA

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