Regulatory Alerts2018-11-20
Instruction No. 16/2018 of November 21: Foreign Currency Sales Limits
The National Bank of Angola establishes monthly foreign currency sales limits for payment service companies and exchange houses, capping international value transfers at USD 2,000 per remitter and beneficiary, and limiting cash, traveler’s check, and prepaid card sales to USD 5,000 per resident traveler over 18. These limits apply cumulatively across all service points and are deducted from the central bank’s global caps for current invisible operations, with non-compliance constituting a punishable infraction under the Framework Act for Financial Institutions. Furthermore, the central bank reserves the authority to temporarily suspend foreign exchange operations for non-compliant remitters and resolves all interpretative doubts, while repealing Instructions Nos. 21/2016 and 22/2016 upon publication.