Regulatory Alerts2018-03-12
Exit of Banknotes and Coins from the National Territory
The Central Bank of São Tomé and Príncipe issued Permanent Application Norm No. 06/2018 to regulate the exit of national banknotes and coins beyond its territory. The norm establishes a free export limit of five examples per denomination for travelers, totaling 1,944 new Dobras or 945 thousand old Dobras, while capping resident and non-resident foreign exchange carry-out at 245,000 new Dobras (or 10,000 euros). It mandates that non-residents exceeding this threshold provide proof of entry with equivalent funds and revokes the previous NAP No. 21/2009 to strengthen legal control mechanisms against counterfeiting and unauthorized capital flight.
Monday, March 12, 2018 Number 25 DIÁRIO DA REPÚBLICA S U M Á R I O BANCO CENTRAL DE SÃO TOMÉ E PRÍNCIPE NAP No. 06/2018 Exit of Banknotes and Coins from the National Territory. SÃO TOMÉ E PRÍNCIPE
No. 25 – March 12, 2018 SÃO TOMÉ E PRÍNCIPE - DIÁRIO DA REPÚBLICA 339 BANCO CENTRAL DE SÃO TOMÉ E PRÍNCIPE Permanent Application Norms – NAP No. 06/2018 Subject: Exit of Banknotes and Coins from the National Territory
Whereas the evolution of counterfeiting has constituted a recurring concern for central banks, judicial authorities, and modern societies in general; Taking into account the exponential increase in cases of attempted exit of national banknotes and coins beyond the national territory, in amounts exceeding the legally defined limit; Considering that it is incumbent upon the Central Bank to regulate procedures regarding purchase and sale, transport, and transfer of banknotes and coins abroad; Becoming necessary to strengthen legal control mechanisms associated with the exit of national banknotes and coins beyond the national territory; In these terms, exercising the competence established by letters b) and I) of Article 8.° and 31.° of the Organic Law of the Central Bank of São Tomé and Príncipe, supported by Article 6.° of the Exchange Law, the Board of Directors of the Central Bank determines the following:
Article 1.° Object and Scope
- This norm aims to define the limit for transporting banknotes and coins of the Dobra abroad.
- Likewise, it regulates procedures and limits for acquiring and transporting foreign exchange from the national territory abroad.
- This NAP applies to all natural or legal persons, whether resident or non-resident.
Article 2.° Travelers
- The exit of banknotes and coins of the Dobra is free up to a limit amount of 5 (five) examples of each denomination, totaling nDb. 1,944 (one thousand nine hundred and forty-four new Dobras), and in the old series Dbs. 944,692.50 (nine hundred and forty-four thousand six hundred and ninety-two Dobras and fifty centavos).
- The amount exceeding the aforementioned limit shall be seized by the competent authority and delivered to the Central Bank.
Article 3.° Residents
- Residents may freely acquire banknotes and coins with legal tender status abroad, equivalent to nDb. 245,000.00 (two hundred and forty-five thousand new Dobras) or Euro 10,000.00 (ten thousand euros), as well as other foreign payment instruments, from authorized exchange entities, to cover travel expenses, tourism, or other charges.
- For residents traveling abroad, they are permitted to carry or transport foreign exchange (banknotes and coins) corresponding to nDb. 245,000.00 (two hundred and forty-five thousand new Dobras), equivalent to Eur. 10,000.00 (ten thousand euros).
Banco Central de S. T. P. NAP PERMANENT APPLICATION NORM CODE S.P 12 Proponent(s) C.A. (Board of Directors) ENTRY INTO FORCE ISSUE DATE DOC NO. PAGE 1/2 06/03/2018 06/03/2018 06/2018
Article 4.° Non-Residents
- Non-residents exiting the national territory who carry more than nDb. 245,000.00 (two hundred and forty-five thousand new Dobras), equivalent to Eur. 10,000.00 (ten thousand euros) in foreign exchange or other foreign payment instruments, excluding credit cards, payment cards, bank checks, or travel checks issued abroad in their name, must, whenever requested by competent authorities, provide proof that they entered São Tomé and Príncipe with an equal or greater amount.
- For the purposes of the preceding paragraph, proof must be provided by presenting an original declaration, duly completed by the visa holder upon entry into the country with competent authorities, or an authenticated justification of origin issued by a national financial institution, in accordance with prevailing legislation.
Article 5.° Revocation NAP No. 21/2009 of December 31 is hereby revoked.
Article 6.° Entry into Force This norm enters into force upon its publication in the Diário da República.
Approved ____________ Revocation Data: