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Directive No. 10/DSB/97 on the Sale of Traveller's Cheques by Commercial Banks

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The Banking Supervision Directorate amends Directive 08/97 to establish an 11% commission rate for commercial banks selling Traveller’s Cheques to foreign exchange houses and their own clients. The directive caps individual sales at USD 100,000, mandates detailed reporting for control and replenishment purposes, and confirms an exemption from Stamp Duty under Law 4/96. It revokes the previous third point of Directive 08/97 and takes immediate effect.

AngolaBanco Nacional de Angola

DIRECTIVE NO. 10/DSB/97
SUBJECT: COMMERCIAL BANKS
SALE OF TRAVELLER'S CHEQUES

In order to minimize the anomalies recorded in the system for the sale of Traveller's Cheques and as an amendment to the guidelines of Directive No. 08/97, dated July 31, 1997, it is established:

  1. The commission rate of the National Bank of Angola to be charged on Traveller's Cheques sales to foreign exchange houses shall henceforth be 11% (eleven percent) and will apply to transactions with foreign exchange houses as well as with the bank's own clients.
  2. Regarding exclusive operations by banks with their clients, the commission referred to in the preceding paragraph shall be charged during foreign exchange "Fixing" sales sessions.
  3. We clarify that, under Law No. 4/96 of April 12, the sale operations of Traveller's Cheques by Banks to Foreign Exchange Houses are exempt from Stamp Duty.
  4. The maximum limit per sale of Traveller's Cheques to be made to Foreign Exchange Houses shall be USD 100,000 (One Hundred Thousand US Dollars).
  5. For control and value replenishment purposes, whenever sales are made, commercial banks must submit to the Banking Supervision Directorate a detailed report listing each foreign exchange house, the amount sold, and their respective dates.
  6. Point No. 3 of Directive No. 8, dated July 31, 1997, is hereby revoked.
  7. This directive enters into force immediately.

BANKING SUPERVISION DIRECTORATE

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Law No. 4 dated 1996-04-12Not in RegAlertLaw No. 4 dated 1996-04-12 — Not in RegAlertDirective No. 10/DSB/97 on theSale of Traveller's Cheques b…this documentDirective No. 10/DSB/97 on the Sale of Traveller's Cheques by Commercial Banks
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The links and the sentences they come from (1)
Issued under
  • Law No. 4 dated 1996-04-12Not in RegAlert

    “under Law No. 4/96 of April 12, the sale operations of Traveller's Cheques by Banks to Foreign Exchange Houses are exempt from Stamp Duty.”

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