Regulatory Alerts2009-12-29
Regulation (NAP) - Foreign Currency Cash Operations
The Central Bank of São Tomé and Príncipe issued this Permanent Application Norm to facilitate commercial banks' liquidity management, minimum cash reserve compliance, and payment system dynamism by authorizing foreign currency (EUR and USD) cash deposits and withdrawals in a special account. The regulation mandates a 30-day certification period for deposited notes, waives commissions on related operations, and establishes specific prior communication timelines for withdrawals exceeding or falling below EUR 100,000. Furthermore, it introduces a transitional foreign exchange rate (Central Bank purchase rate plus 1%) for cash sales and revokes the previous NAP No. 18/2006, taking immediate effect until foreign banknote remittance conditions are fully met.