Regulatory Alerts2018-12-03
Guideline No. 19/2018, of December 3
The Bank of Angola issues Guideline No. 19/2018 to adjust the organizational and operational procedures for foreign currency purchase and sale auctions, mandating that authorized banking institutions comply with reserve, solvency, and internal control requirements to participate. The directive establishes electronic auction mechanisms via the SGMC, detailing SPOT and forward sale auctions, ceiling allocations for letters of credit, and specific proposal submission limits and selection criteria. It further enforces D+2 settlement, restricts rediscount access for acquired currency, and imposes sanctions such as fines or auction bans for non-compliance, while revoking prior conflicting regulations effective January 2, 2019.
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