Regulatory Alerts2020-06-16
Directive No. 02/DMA/2020 on Foreign Exchange Policy – Purchase and Sale of Foreign Currency in Currency Auctions and the FXGO Platform
The National Bank of Angola issued Directive No. 02/DMA/2020 to enforce foreign exchange position limits for Banking Financial Institutions. The directive caps the aggregate value of bids in currency auctions and FXGO platform transactions to a regulatory percentage of own funds, restricts institutions with limits below USD 1 million to four bids not exceeding that threshold, and mandates the immediate listing of excess currency purchased from oil, gas, and diamond sector clients on the FXGO platform for resale. Non-compliance triggers penalties under the Basic Law on Financial Institutions, with interpretive disputes resolved by the central bank and the directive taking effect upon publication.
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