LogoRegulatory Alerts
1997-01-01

Directive No. 07-DSB-1997, dated January 1

The Banking Supervision Directorate requires exchange offices to acquire travellers checks directly from commercial banks and apply the secondary market official exchange rate plus all associated financial costs. The directive authorizes a sales commission of up to three percent on the transaction counter-value and takes immediate effect, repealing Directive No. 11/DSB/96 dated August 15, 1996. This regulation standardizes foreign currency sales to travellers by aligning transaction pricing with prevailing secondary market rates and bank purchase costs.

Banco Nacional de Angola logo

Angola

Banco Nacional de Angola

Click to view thumbnail

DIRECTIVE NO. 7/DSB/97 SUBJECT: EXCHANGE OFFICES SALE OF FOREIGN CURRENCY TO TRAVELLERS TRAVELLERS CHECKS Considering the current regulations for foreign exchange operations, particularly regarding the sale of foreign currency to travellers, it is established:

  1. From this date, travellers checks for sale to travellers shall be acquired by exchange offices directly from commercial banks.
  2. In the sale of foreign currency in the form of travellers checks to clients, in accordance with Notice No. 04/97 dated April 15 and other prevailing regulations, the corresponding exchange rate from the official rates bulletin for the secondary market shall apply, plus all financial costs including those arising from purchases from commercial banks.
  3. A sales commission of up to 3% (three percent) on the counter-value of the transaction is permitted.
  4. This directive takes immediate effect and repeals Directive No. 11/DSB/96 dated August 15, 1996. BANKING SUPERVISION DIRECTORATE
Share