Regulatory Alerts2019-05-13
Directive No. 02 - DCC-2019 of May 14
The National Bank of Angola, via its Foreign Exchange Control Department, defines 'foreign exchange arrears' as foreign transfer instructions awaiting coverage for over 60 days in a Commercial Bank, provided they cumulatively satisfy criteria regarding document retention, validation, licensing, and sufficient national currency. Commercial Banks must implement continuous identification procedures for these operations while maintaining standard processing timelines for all compliant foreign currency purchase requests. Operations cease to be classified as arrears whenever insufficient national currency balances in client accounts prevent full foreign exchange coverage.
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