Regulatory Alerts2009-12-31
Regulation (NAP) - Fixation of the Exchange Rate
The Bank of São Tomé and Príncipe fixes the euro purchase exchange rate at 24,500 dobras effective January 1, 2010 through this Permanent Application Rule. It requires financial institutions to apply this specific rate, subjecting any deviations to statutory sanctions under Decree-Law No. 32/99 and NAP No. 011/2009. The regulation formally establishes the binding exchange rate framework and takes immediate effect upon publication.
| Bank of São Tomé and Príncipe | N A P <br> PERMANENT APPLICATION RULE | CODE <br> EA 04 |
|---|---|---|
| PROPOSER <br> P.P.M.C. | EFFECTIVE DATE <br> 01/01/2010 | ISSUE DATE <br> 31/12/2009 |
Subject: Fixation of the Exchange Rate
In accordance with NAP No. 011/2009 on Alteration of the Exchange Rate Regime, and under the provisions of Articles 6° and 10° of the Exchange Rate Law - Decree-Law No. 32/99, which confers powers to the BCSTP in this matter, it determines:
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The purchase rate of the euro is fixed at 24,500 dobras.
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The use of a rate different from that established in the preceding number of this NAP shall be subject to the sanction provided for under the prevailing law.
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This NAP takes effect from 01/01/2010.
Bank of São Tomé and Príncipe, 31 December 2009.
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