Regulatory Alerts2018-11-27
Instruction No. 18/2018 of November 28, 2018: Conversion of Foreign Currency Loans to Individuals
The National Bank of Angola issued Instruction No. 18/2018 to mandate Commercial Banks to convert individual clients' foreign currency loans into national currency following consensual negotiation. The regulation requires banks to proactively inform clients, provide written conversion terms and pricing, refrain from charging conversion commissions, and submit foreign exchange needs to the central bank via a designated Excel form. Banks must complete all conversion processes within six months of publication, with non-compliance constituting a punishable regulatory offense under the Basic Law of Financial Institutions.
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