Regulatory Alerts1993-02-01
Directive No. 01/DSB/93: Public Sale of Foreign Exchange
The Banking Supervision Directorate issued Directive No. 01/DSB/93 to establish procedures for the public sale of foreign exchange to authorized commercial banks operating in the country. The directive mandates that foreign exchange acquired through public sales must exclusively fund newly licensed operations involving goods, invisibles, and capital, and strictly prohibits using these funds to settle arrears. Additionally, it bans all credit operations intended to finance foreign exchange purchases during public sale sessions until official credit limits are formally established.
DIRECTIVE NO. 01/DSB/93 SUBJECT: PUBLIC SALE OF FOREIGN EXCHANGE In order to establish procedures to be adopted in carrying out operations with foreign exchange obtained through the public sale of foreign exchange, authorized Commercial Banks operating in the Country shall observe the following: 1- Foreign exchange acquired through the public sale system is exclusively intended for carrying out new operations, and therefore may not be used to pay arrears. 2- Foreign exchange obtained through the public sale may only be used for duly licensed operations (goods, invisibles, and capital). 3- Until credit limits are established, the carrying out of any type of credit operation to finance the acquisition of foreign exchange in public sale sessions is prohibited.
Luanda, 02 February 1993 BANKING SUPERVISION DIRECTORATE