Directive No. 08-DSB-1997, dated January 1

DIRECTIVE NO. 8/DSB/97-
SUBJECT: BANKING INSTITUTIONS
FOREIGN CURRENCY SALES - TRAVELLERS CHECKS
TO EXCHANGE BUREAUS
In compliance with the guidelines regarding the sale of foreign currency in travellers checks to Exchange Bureaus by Commercial Banks, it is established that:
1) From this date forward, Commercial Banks will sell travellers checks to Exchange Bureaus for their customer operations;
2) In selling travellers checks, Commercial Banks will use the primary market selling exchange rate, and expenses incurred in the purchase transaction with Banco Nacional de Angola, as well as those arising from sales to Exchange Bureaus, will be charged against the operation's countervalue;
3) For control and value replenishment purposes, Commercial Banks must daily submit to the Banco Nacional de Angola Banking Supervision Directorate a detailed report of names and values sold to Exchange Bureaus;
4) This Directive takes immediate effect.
BANKING SUPERVISION DIRECTORATE