Regulatory Alerts1997-01-01
Directive No. 08-DSB-1997, dated January 1
The Banking Supervision Directorate of the Banco Nacional de Angola issued Directive No. 8/DSB/97 to regulate how commercial banks sell foreign currency in the form of travellers checks to exchange bureaus. The directive mandates that commercial banks apply primary market selling exchange rates, charge associated purchase and sales expenses against the transaction countervalue, and submit daily detailed reports of names and amounts to maintain control and replenish funds. This regulatory measure takes immediate effect, standardizing the operational framework for cross-border currency transactions between banks and exchange bureaus.
DIRECTIVE NO. 8/DSB/97- SUBJECT: BANKING INSTITUTIONS FOREIGN CURRENCY SALES - TRAVELLERS CHECKS TO EXCHANGE BUREAUS In compliance with the guidelines regarding the sale of foreign currency in travellers checks to Exchange Bureaus by Commercial Banks, it is established that:
- From this date forward, Commercial Banks will sell travellers checks to Exchange Bureaus for their customer operations;
- In selling travellers checks, Commercial Banks will use the primary market selling exchange rate, and expenses incurred in the purchase transaction with Banco Nacional de Angola, as well as those arising from sales to Exchange Bureaus, will be charged against the operation's countervalue;
- For control and value replenishment purposes, Commercial Banks must daily submit to the Banco Nacional de Angola Banking Supervision Directorate a detailed report of names and values sold to Exchange Bureaus;
- This Directive takes immediate effect. BANKING SUPERVISION DIRECTORATE