Instruction No. 16/2018 of November 21 – Foreign Currency Sales Limits

INSTRUCTION NO. 16/2018 dated November 21 SUBJECT: FOREIGN CURRENCY SALES LIMITS

• Foreign Currency Sales Limits Applicable to Payment Service Companies and Exchange Offices Considering the need to establish the limits set forth in Notice No. 09/18 and Notice No. 11/18, regarding Operational Rules for Exchange Offices and Payment Service Companies, respectively; Pursuant to the combined provisions of Article 7 of Law No. 5/05, dated July 29, the Angolan Payments System Act, of paragraph f) of number 1 of Article 21 and paragraph d) of number 1 of Article 51, both of Law No. 16/10, dated July 15 - the Bank of Angola Act, combined with Articles 64 and 90 of Law No. 12/2015, dated June 17 - the Framework Act for Financial Institutions. HEREBY DETERMINES:

1. Limits applicable to value transfer operations 1.1 International value transfers are limited to USD 2,000.00 (Two Thousand United States Dollars) or the equivalent in another foreign currency, per month, per remitter and per beneficiary. 1.2 The limit defined in the preceding point applies to both the remitter and the beneficiary, regardless of the service points where each transfer is initiated. CONTINUATION OF INSTRUCTION NO. 16/2018 Page 2 of 3 1.3 The payment service provider is responsible for establishing limits for domestic transfers, based on its risk management criteria.
2. Limit applicable to foreign currency sales in cash, traveler's checks, or prepaid card top-ups 2.1 The monthly sale of foreign currency in cash, traveler's checks, or through prepaid card top-ups is limited to USD 5,000.00 (Five Thousand United States Dollars) or its equivalent in another foreign currency, per resident foreign exchange traveler aged 18 or over. 2.2 Regardless of whether purchases are made at one or multiple exchange offices, the limit defined in the preceding point applies to all purchases by a resident foreign exchange traveler per month and includes all payment instruments mentioned.
3. Global limit Value utilizations under the aforementioned limits are deducted from the global limits established by the Bank of Angola for current invisible operations of the same nature.
4. Penalties 4.1 Failure to comply with the provisions set forth in this Notice constitutes an offense punishable under Law No. 12/15, dated June 17, the Framework Act for Financial Institutions. 4.2 The Bank of Angola reserves the right to prohibit remitters who exceed the limits established in this Instruction from conducting foreign exchange operations within the national financial system for periods to be determined.
5. Doubts and Omissions Doubts and omissions arising from the interpretation and application of this Instruction are resolved by the Bank of Angola. CONTINUATION OF INSTRUCTION NO. 16/2018 Page 3 of 3
6. Repeal Clause Instructions No. 21/2016 and 22/2016, both dated September 6, are hereby repealed.
7. Entry into Force This Instruction enters into force on the date of its publication. PUBLISHED. Luanda, November 21, 2018. THE GOVERNOR JOSÉ DE LIMA MASSANO