Notice No. 11/2019 of November 26

PUBLISHED IN THE OFFICIAL GAZETTE, FIRST SERIES, NO. 151, OF NOVEMBER 26, 2019 NOTICE NO. 11/2019 SUBJECT: FOREIGN CURRENCY TRANSACTION TARIFF

• Maximum Commission and Fee Limits
• Charging Currency for Commissions

Whereas it is necessary to ensure the transparency and balance of the foreign exchange market, as well as to safeguard the rights of consumers of financial services and products; Under the combined provisions of paragraph b) of paragraph 1 of Article 26 of Law No. 16/10, dated July 15 – National Bank of Angola Law, and Article 64 of Law No. 12/2015, dated June 17 – Framework Law of Financial Institutions. I HEREBY DETERMINE:

Article 1. (Subject Matter) This Notice establishes maximum limits for commissions and fees charged on foreign currency transactions applied to certain operations, as well as defines the charging currency for said commissions.

Article 2. (Scope) This Notice applies to Banking Financial Institutions supervised by the National Bank of Angola, hereinafter referred to as Commercial Banks.

Article 3. (Commission and Fee Limits for Certain Operations)

1. No other commissions, fees, or costs may be charged on foreign currency operations, including those related to the use of credit or prepaid cards abroad, beyond those specified in the Annex to this Notice, without prior authorization from the National Bank of Angola.
2. The maximum limits for commissions and fees charged on foreign currency transactions are defined in the Annex to this Notice, which forms an integral part thereof.
3. The National Bank of Angola may, based on market conditions, modify the items specified in the Annex to this Notice and update the limits stated therein whenever necessary.

Article 4. (Reference and Charging Currency for Applicable Commissions/Fees)

1. Only the commissions and fees specified in the Annex to this Notice denominated in foreign currency may be calculated based on that currency; all other commissions, fees, and costs, regardless of the products to which they relate, must be reflected in Commercial Banks' tariffs in national currency and may not be indexed to any foreign currency.
2. The commissions, fees, and potential costs in foreign currency specified in the Annex to this Notice, whether fixed or a percentage of the transaction value, must always be charged in national currency.
3. The commissions, fees, and potential costs calculated in foreign currency but charged in national currency are those defined in the Annex to this Notice.

Article 5. (Sanctions) Non-compliance with the provisions of this Notice constitutes an offense provided for and punishable under Law No. 12/15, dated June 17 – Framework Law of Financial Institutions.

Article 6. (Repealing Provision) Notice No. 03/2019, dated March 28, is hereby repealed, along with any legislation that contradicts the provisions of this Notice.

CONTINUATION OF NOTICE NO. 11/2019 Page 2 of 5

Article 7. (Doubts and Omissions) Doubts and omissions arising from the interpretation and application of this Notice are resolved by the National Bank of Angola.

Article 8. (Entry into Force) This Notice enters into force on the date of its publication.

PUBLISHED. Luanda, November 20, 2019. THE GOVERNOR JOSÉ DE LIMA MASSANO

CONTINUATION OF NOTICE NO. 11/2019 Page 3 of 5

ANNEX Limits on Commissions and Fees Charged on Foreign Currency Transactions Applicable to Certain Operations

1. International Transactions Maximum 1.1 Prepaid Card per transaction Reloads 2.00% Withdrawals 3.00% Purchases or payments 3.00%

1.2 Credit Card Withdrawals (“cash advance” at ATMs or bank branches) 7.5% Purchases or payments 3.00%

2. Sale of Foreign Currency Banknotes Commission EUR 2.00

3. Commission Applicable to Foreign Exchange Sale Operations / Conversion of Foreign Currency Commissions into National Currency Commission – foreign exchange sale 0.25%

4. Foreign Currency Cash Withdrawal from Current Account Commission 3%

5. Interbank Foreign Currency Transfers 5.1 Issuance of Payment Orders Commission as a percentage of the transfer value, regardless of its purpose 0.60% with a maximum of EUR 450.00 Total expenses including administrative, correspondence, communication, among others.* EUR 70.00 Return due to payer error/cancellation/stop payment EUR 10.00

5.2 Receipt of Payment Orders Commission EUR 10.00

6. Documentary Remittances Maximum

CONTINUATION OF NOTICE NO. 11/2019 Page 4 of 5

6.1. Import Documentary Remittances Registration Commission 1.5% Settlement Commission 0.5% Administrative and Communication Expenses EUR 60.00 Protest Expenses EUR 30.00 Cancellation/Reversal Expenses EUR 30.00 Amendment Expenses EUR 30.00

6.2 Export Documentary Remittances Registration, Communication and Notification Expenses EUR 60.00

7. Documentary Credits 7.1 Import Documentary Credits Opening Commission 1.25% flat Value Increase Commission 1% per quarter Term Extension Commission 1% per quarter Settlement Commission 0.25% Cancellation/Reversal Expenses EUR 30.00 Notification/Administrative and Communication Expenses EUR 15.00

7.2 Export Documentary Credits Notification Commission 0.2% flat Confirmation Commission 1% per quarter Value Increase Commission 1% per quarter Term Extension Commission 1% per quarter Notification/Administrative and Communication Expenses EUR 60.00 Cancellation/Reversal Expenses EUR 30.00

8. Provided Guarantees (including “Standby” documentary credits) Issuance Premium (including assessment and preparation) 2.5% flat Guarantee Commission (including for value change/term extension) 2.5% per quarter Execution Fee in case of default 0.75% flat

• Includes expenses from other Banks, when costs are borne by the ordering party, and no additional debit is permitted after transfer execution based on the corresponding bank's costs.

CONTINUATION OF NOTICE NO. 11/2019 Page 5 of 5