Regulatory Alerts2017-12-14
Diário da República No. 185/2017 – Central Bank of São Tomé and Príncipe Permanent Application Norms 20/2017 and 21/2017
The Central Bank of São Tomé and Príncipe issued Permanent Application Norms 20/2017 and 21/2017 to regulate the exchange of the Current Family of Dobra for the New Family and to fix its buying Euro exchange rate at 24.50 Dobra. Banking financial institutions are required to accept all amounts for exchange without charging fees, verify authenticity, and enforce identification procedures for transactions exceeding Db. 245 million to prevent money laundering. These norms establish a mandatory exchange window from 1 January to 30 June 2018 (extendable to 30 September), after which the Current Family loses legal tender status and is withdrawn from circulation.
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