Regulatory Alerts2017-10-30
Regulation (NAP) - Treatment of Accounting Documents and Checks During the Co-circulation Period
The Central Bank of São Tomé and Príncipe issued this Permanent Application Regulation to standardize the accounting treatment and check processing during the January 1 to June 30, 2018 co-circulation period of the two Dobra currency families. It mandates that banking institutions express all computer-generated accounting reports and newly printed checks using the "nDob" abbreviation, while requiring justified exceptions to apply specific red stamps measuring 3cm x 1.5cm or 4.1cm x 3.00cm to existing documents and pre-dated checks. Furthermore, the regulation establishes a September 30, 2018 validity deadline for nDob checks and holds issuers liable for damages arising from the failure to update pre-dated check values according to the statutory conversion rate.