Regulatory Alerts2014-02-20
Regulation (NAP) - Foreign Currency Cash Operations
The Central Bank of São Tomé and Príncipe issued this Permanent Application Regulation to establish a dedicated euro-denominated cash account that enables commercial banks to manage liquidity, meet minimum reserve requirements, and streamline national payments. The regulation mandates that foreign currency cash deposits undergo authenticity verification within three days, remain non-transferable, and incur no fees, while requiring one business day's prior notice for counter withdrawals. It simultaneously revokes previous cash management directives (NAP 18/2006 and NAP 13/2009) and takes immediate effect.
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