Regulatory Alerts2018-12-02
Instruction No. 20/2018, of December 3
The National Bank of Angola, through Instruction No. 20/2018 issued by Governor José de Lima Massano, establishes the calculation methodology for primary market reference exchange rates and sets permissible margins for banking financial institutions' foreign currency transactions. The directive mandates that sell reference rates be determined via weighted averages of auction or interbank sales, while buy rates are calculated with a maximum 1% reduction from the sell rate. Banking institutions may apply up to a 2% margin on published reference rates for client sales, covering all exchange operations including banknotes, traveler's checks, and international card payments, with the instruction taking effect upon publication.
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