Regulatory Alerts2010-02-19
Regulation (NAP) - Request for Exchange Coverage
The Central Bank of São Tomé and Príncipe issues this Permanent Application Standard to establish a standardized procedural framework for foreign exchange coverage requests submitted by authorized financial institutions. It mandates that written requests be submitted in Portuguese by at least two accredited officers, detailing transaction amounts, supporting invoices, and execution dates, with processing occurring on the third working day of each week based on prior weekly submissions. Non-compliant requests are rejected, and institutions failing to meet these documentation and submission requirements face penalties under NAP No. 14/2009 for providing unreliable information to the Central Bank.
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