Directive No. 10/DSB/1996 on the Sale of Foreign Currency to Travelers

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