LogoRegulatory Alerts
2023-02-02

Directive No. 04-DME-2023 on Foreign Exchange Market Indicative Rates

The Department of Markets, under the Governor, issued Directive No. 04-DME-2023 to mandate that authorized banking financial institutions submit daily indicative foreign exchange rates via the Bloomberg FXGO platform. These institutions must report buying and selling quotes for the US dollar, euro, and South African rand at 8:30 a.m. and 1:30 p.m., while retaining the option to update rates intraday. The directive becomes effective on 13 February 2023, with all application disputes and omissions adjudicated by the Banco Nacional de Angola.

Banco Nacional de Angola logo

Angola

Banco Nacional de Angola

Click to view thumbnail

GOVERNOR DIRECTIVE NO. 04/DME/2023 ORIGIN: DEPARTMENT OF MARKETS (DME) DATE 02/02/2023 SUBJECT: FOREIGN EXCHANGE MARKET

  • Indicative Bid and Offer rates submitted by the Banking Financial Institutions on Bloomberg FXGO Platform (AOA - BGN) There is a need to establish procedures for the insertion of indicative rates by Banking Financial Institutions in the Bloomberg Platform; Whereas the Bloomberg reference exchange rate is intended to be representative of the Foreign Exchange Market, reflecting "indicative" rates, and "executed" rates in the market; This Directive establishes the following:
  1. The indicative exchange rates are quotations provided by the Banking Financial Institutions that signal the exchange rate levels proposed for foreign currency purchase and sale transactions.
  2. The Banking Financial Institutions authorised to engage in foreign exchange trading shall submit daily, at 8:30 a.m. and 1:30 p.m., their indicative buying and selling exchange rates for the currencies North American Dollar (USD), Euro (EUR), and South African Rand (ZAR).
  3. Observing the provisions of the previous point, the Banking Financial Institutions may also update their indicative exchange rates throughout the operating day.
  4. The doubts and omissions arising from the interpretation and application of this Directive shall be settled by Banco Nacional de Angola.
  5. This Directive shall enter into force on 13 February 2023.

Luanda, 02 February 2023. MARKETS DEPARTMENT

CONTINUATION OF DIRECTIVE No. 04/2023 Page 2 of 2 Tânia Patrícia de Oliveira Mendes Lopes -Director-

Share