Regulatory Alerts2023-12-14
Notice No. 13/2023 of December 14 - Exchange Policy - Forward Exchange Operations
The Banco Nacional de Angola issued Notice No. 13/2023 to establish updated criteria and procedures for commercial banks contracting forward exchange operations with clients. The regulation restricts these operations to hedging exchange rate risks associated with specific, identified import or export transactions, sets maximum tenors of one year for legal entities and six months for individuals, and mandates registration on the FXGO platform for transactions of USD 50,000 or more. It also revokes previous directives, outlines contractual standardization, and defines sanctions for non-compliance under Angolan exchange and financial institution laws.
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