2018-01-19
Added · Updated
The Governor of the National Bank of Angola issued Instruction No. 03-2018 to establish the methodology for calculating the reference exchange rate and define permissible margins for secondary market operations. The directive mandates that the reference rate be derived from the weighted average of foreign currency auction sales rates and allows commercial banks to apply margins of up to 2% on this reference rate for interbank and client transactions. This instruction supersedes conflicting regulations and entered into force on January 24, 2018.
BNA published 2 documents in the last 30 days — get each new one by email the day it lands.
INSTRUCTION NO. 03/2018
Of January 19
SUBJECT: EXCHANGE RATE POLICY
Considering the need to define the process for forming the reference exchange rate of the primary market, as well as the margins permitted on exchange rate operations in the secondary market;
In accordance with the combined provisions of Article 3 of Law No. 16/10, of July 15, the Law of the National Bank of Angola, and Article 70 of Law No. 12/15, of June 17, the Law of the Bases of Financial Institutions, and using the competence conferred upon me by Article No. 51 of Law No. 16/10, of July 15, the Law of the National Bank of Angola.
I DETERMINE:
The determination of the reference exchange rate will result from the calculation of the weighted average of the selling rates of the foreign currency auctions organized by the BNA.
The buying exchange rate of the market will be calculated with a reduction of up to 0.25% (zero point twenty-five percent) on the selling exchange rate.
The BNA will publish daily on its institutional portal the reference exchange rates.
CONTINUATION OF INSTRUCTION NO. 03/2018 Page 2 of 3
In the sale of foreign currency in the interbank market and to its clients, Commercial Banks may apply, on the reference exchange rate published on the institutional portal of the National Bank of Angola, a margin, upwards or downwards, of up to 2% (two percent);
The aforementioned margins apply to all exchange rate operations without exception, including the sale of banknotes, traveler's checks, and international payment cards.
All regulation contrary to the provisions of this Instruction is hereby revoked.
This Instruction enters into force on January 24, 2018.
PUBLISH.
Luanda, January 19, 2018.
THE GOVERNOR
JOSÉ DE LIMA MASSANO
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
Source: Banco Nacional de Angola — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
More like this from BNA
BNA published 2 documents in the last 30 days. We email you each new one the day it's published.
FX rules change often. Get an email the day any regulator we track changes its foreign-exchange rules.