Regulatory Alerts2018-12-06
Directive No. 06-DMA-2018, of December 7
The National Bank of Angola, through its Assets Markets Department, issues Directive No. 06-DMA-2018 to mandate Commercial Banks to daily report interbank foreign exchange operations via the Financial Institutions Supervision System (SSIF) in XML format, with specific submission deadlines of 12:00 and 16:30 for morning and afternoon trades. The directive assigns reporting responsibility to the selling bank, permits Excel submissions via email as a transitional measure, and establishes penalties for omission or late reporting under existing financial and foreign exchange laws. It enters into force immediately, with the Assets Markets Department responsible for clarifying any interpretative doubts regarding its application.
THE GOVERNOR Considering the terms of Instruction No. 20/2018, dated December 3, regarding Exchange Rates; And given the need to adjust the process for determining primary market reference exchange rates and the exchange rates that must be practiced by Commercial Banks. This Directive serves to establish the following:
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Commercial Banks must daily send to the National Bank of Angola information regarding operations executed in the interbank foreign exchange market, as follows: a) By 16:30 – all operations conducted between 11:31 and 16:00; b) By 12:00 – all operations conducted between 8:00 and 11:30.
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The information referred to in the preceding number must be submitted in XML format through the Financial Institutions Supervision System (SSIF). DIRECTIVE No. 06/DMA/18 ORIGIN: ASSETS MARKETS DEPARTMENT (DMA) DATE 07/12/2018 SUBJECT: SUBMISSION OF INTERBANK FOREIGN EXCHANGE MARKET INFORMATION
Directive No. 06/DMA/2018 Page 2 of 3
- While it is not possible to submit the information in the model referred to in the preceding number, it must be sent in Excel format to the email address dma@bna.ao, according to the model in the Annex, which is an integral part of this Directive.
- Responsibility for submitting the information referred to in the preceding number lies with the selling Bank.
- Omission of the information provision stipulated in this Directive is punishable under Law No. 12/15, dated June 17, the Basic Law of Financial Institutions, and under Law No. 5/97, dated June 27, the Foreign Exchange Law, without prejudice to any other potentially applicable legislation.
- Failure to timely submit the information stipulated in this Directive is punishable under Notice No. 10/18, dated November 29.
- Doubts and omissions arising from the interpretation and application of this Directive are clarified by the Assets Markets Department.
- This Directive enters into force immediately.
Luanda, December 7, 2018. ASSETS MARKETS DEPARTMENT
Maria Cândida Sambingo -Director-
Directive No. 06/DMA/2018 Page 3 of 3 ANNEX Currency/Foreign Exchange Purchase, Sale, and Conversion Operations
| Institution | Type of Operations | Operation Date | Counterparty Institution | Currency Delivered | Value Delivered | Currency Received | Value Received | Exchange Rate |
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