Regulatory Alerts2019-12-05
Instruction No. 19/2019 of November 6 on Foreign Currency Exchange Policy – Purchase and Sale Auctions – Organization and Operating Procedures
The Banco Nacional de Angola issues this Instruction to adjust the organization and operating procedures for its electronic foreign currency purchase and sale auctions, mandating that authorized Banking Financial Institutions comply with reserve, position, solvency, and internal control requirements to participate. It establishes strict submission timelines, exchange rate selection criteria, a 25% per-institution cap on auction proposals, and D+0 settlement rules while prohibiting rediscount access for acquired currency. Non-compliant institutions face concurrent sanctions, including uncapped value cancellation, monetary fines, and temporary suspension from subsequent auction sessions.
Share