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2015-12-09

Instruction No. 20/2015 of December 9 on Exchange Rate Policy - Reporting and Monitoring of Exchange Transactions

The Governor of the Bank of Angola issued Instruction No. 20/2015 to enhance the quality of exchange rate policy monitoring by requiring all banking financial institutions to subscribe to the Swift FINinform reporting system. Institutions must complete this subscription by December 18, 2015, or prior to commencing operations if established after the instruction's publication, to ensure direct communication of international transaction data via MT103 and MT202 messages. Compliance is mandatory, as failure to subscribe results in exclusion from foreign currency trading sessions, while the Bank of Angola covers all associated service costs.

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INSTRUCTION NO. 20/2015 of December 9 SUBJECT: EXCHANGE RATE POLICY

  • Reporting and monitoring of exchange transactions

Considering the need to improve the quality of the system for monitoring and handling exchange operations, in order to improve the quality of information provided by Banking Financial Institutions and, thus, ensure the correct definition and monitoring of the execution of the exchange rate policy by the Bank of Angola.

In the exercise of the powers attributed to me by Article 51 of Law No. 16/10, of July 15 – Law of the Bank of Angola.

I DETERMINE:

  1. Banking Financial Institutions must subscribe to the Swift FINinform transaction reporting system, in order to enable the data of international operations (payments and receipts) executed by them to be directly communicated to the Bank of Angola, by means of copies of MT103 and MT202 messages.

  2. The subscription referred to in the preceding paragraph must be carried out by December 18, 2015, on the website www.swift.com.

CONTINUATION OF INSTRUCTION NO. 20 /2015 Page 2 of 2

  1. Banking Financial Institutions that are established after the publication of this Instruction must subscribe to the FINInform system before commencing the execution of exchange operations.

  2. The costs of adherence to the FINinform service are borne by the Bank of Angola, not incurring any additional cost for the Banking Institutions.

  3. Failure to subscribe to the FINInform system prevents Banking Financial Institutions from participating in the foreign currency purchase and sale sessions held by the Bank of Angola.

  4. All provisions contrary to those provided for in this Instruction are hereby repealed.

  5. This Instruction enters into force immediately.

PUBLISH Luanda, December 9, 2015

THE GOVERNOR JOSÉ PEDRO DE MORAIS JÚNIOR

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