Regulatory Alerts2018-01-19
Instruction No. 01-2018 of January 19: Foreign Currency Exchange Policy - Purchase and Sale Auctions and Participation Procedures
The Bank of Angola issued Instruction No. 01-2018 to regulate foreign currency exchange policy by establishing electronic auction procedures for the purchase and sale of foreign currency. The document mandates that commercial banks meet strict eligibility criteria, including compliance with reserve and solvency requirements, to participate in these auctions and defines specific selection criteria and settlement timelines. It further outlines restrictions on liquidity facilities for settlement, penalties for non-compliance, and the mandatory return of unused currency acquired through these mechanisms.
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