Regulatory Alerts2018-11-18
Instruction No. 15/2018 of November 19 – Foreign Exchange Policy: Sale of Foreign Currency to Money Changers and Payment Service Companies
The National Bank of Angola issued Instruction No. 15/2018 to amend foreign exchange sale procedures for Non-Bank Financial Institutions, specifically Money Changers and Value Transfer Societies. The directive mandates that these entities purchase foreign currency from Commercial Banks within their weekly Own Funds limits, with banks charging a maximum 2% spread on the reference exchange rate and settling all fees in Kwanzas. Furthermore, it establishes strict compliance monitoring, conflict-of-interest mitigation processes for banks, and imposes market exclusion sanctions for violations, effective upon publication.
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