Regulatory Alerts2023-06-26
Directive No. 07/2023, of June 26
The National Bank of Angola's Markets Department issued Directive No. 07/2023 to mandate greater transparency in foreign currency sales by oil and diamond sector companies. The directive requires that spot transactions on the Bloomberg FXGO platform be executed using the BMatch trading command, while reserving bilateral sales, auctions, RFQ, and STA commands exclusively for the National Bank of Angola, the National Treasury, and commercial banks. Clarifications regarding interpretation or application rest with the central bank, and the directive becomes effective on August 1, 2023.
GOVERNOR DIRECTIVE NO. 07/2023 ORIGIN: MARKETS DEPARTMENT (DME)
DATE 26/06/2023 SUBJECT: FOREIGN EXCHANGE MARKET
- Procedures for the Sale of Foreign Currency by Companies in the Oil and Diamond Sectors In order to ensure greater transparency in foreign currency sales by companies in the oil and diamond sectors, considering the provisions established in Instruction No. 02/2020, of March 30, which allows certain companies in the aforementioned sectors to sell foreign currency to Banking Financial Institutions through the Bloomberg FXGO Platform; This Directive serves to establish the following:
- Spot foreign currency sales by companies in the oil and diamond sectors, which occur on the Bloomberg FXGO platform, must be executed through the BMatch trading command.
- Commands for bilateral foreign currency sales, as well as for conducting auctions, RFQ (Request for Quote) and STA (Single Tenor Auction), are for the exclusive use of the National Bank of Angola, the National Treasury and Commercial Banks.
- Doubts and omissions resulting from the interpretation and application of this Directive are clarified by the National Bank of Angola.
- This Directive enters into force on August 01, 2023. Luanda, June 26, 2023. MARKETS DEPARTMENT
Tânia Patrícia de Oliveira Mendes Lopes -Director-
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