Regulatory Alerts2010-11-10
Notice No. 06/2010 of November 10
The Banco Nacional de Angola issued Notice No. 06/2010 to mandate that authorized foreign exchange houses maintain fully paid-up share capital and minimum own funds of Kz.10,000,000.00, requiring existing institutions to adjust their capital within six months of the notice's November 10, 2010 effective date. The accompanying Annex establishes a Permanent Liquidity Lending Facility framework, defining eligibility criteria, overnight lending terms, collateral requirements, and a precise mathematical formula for calculating interest rates and repayment values. Furthermore, the regulation outlines SIGMA-based settlement procedures, default mechanisms, and the central bank's authority to suspend or exclude institutions based on prudential grounds or persistent obligation breaches.