Regulatory Alerts2018-01-18
Instruction No. 01-2018 of January 19: Foreign Currency Purchase and Sale Auctions and Participation Procedures
The Bank of Angola issued Instruction No. 01-2018 to regulate foreign currency purchase and sale auctions conducted via the Foreign Exchange Market Management System (SGMC) to align with exchange rate policy objectives. The document establishes strict eligibility criteria for commercial banks, including compliance with reserve requirements and solvency ratios, while defining specific procedures for auction participation, bid selection, and settlement timelines. It further mandates the return of unused currency within five business days, outlines sanctions for non-compliance, and revokes previous regulations to ensure market stability and transparency.
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