Regulatory Alerts1996-08-06
Directive No. 10/DSB/1996 on the Sale of Foreign Currency to Travelers
The Banking Supervision Directorate issued Directive No. 10/DSB/1996 to align foreign currency sales mechanisms with recent government policy amendments. The directive mandates that commercial banks process current invisible operations via traveler checks and sets a USD 5,000.00 sales limit for travelers, with a USD 500.00 cash allowance per customer. It further establishes a reduced USD 2,500.00 limit for accompanied minors, requires transaction recording on boarding passes with stamps and signatures, and immediately revokes Directive No. 3/DSB/96 upon publication.
DIRECTIVE NO. 10/DSB/1996 SUBJECT: SALE OF FOREIGN CURRENCY TO TRAVELERS Considering the amendments to the Foreign Exchange Policy measures defined by the Government, with the objective of better aligning the mechanisms for the sale of foreign currency in light of said measures, the following shall be observed: 1- Commercial banks, regarding current invisible operations defined in Article 1 of Instruction No. 8/94, dated April 22, whose foreign currency value is delivered at the time of the transaction, are only permitted in the form of traveler checks. 2- Foreign currency sales by exchange houses shall be processed in accordance with Article 11 of Notice No. 10/96, dated June 28, 1996. 3- The limit for the sale of foreign currency to travelers is USD 5,000.00 (five thousand US dollars), or its equivalent in another currency. 4- From the limit indicated in the preceding paragraph, a sale of USD 500.00 (five hundred US dollars in cash/banknotes) per customer is permitted. 5- Minors under 18 (eighteen) years of age, when accompanied, are permitted a sale limit of USD 2,500.00 (two thousand five hundred US dollars), and within this limit, a sale of USD 500.00 (five hundred US dollars) in cash/banknotes per person is also permitted. 6- At the time of carrying out the aforementioned transactions, the operating entity must record the date and transaction value on the boarding pass, with the application of the establishment's standard stamp and signature. 7- The sale of foreign currency in cash/banknotes outside the conditions set forth in this Directive is prohibited. 8- This Directive takes effect immediately upon publication and revokes Directive No. 3/DSB/96, dated June 12, 1996. Luanda, August 06, 1996 BANKING SUPERVISION DIRECTORATE