Regulatory Alerts2018-11-27
Instruction No. 18/2018, of November 28
The National Bank of Angola mandates commercial banks to convert retail credit originally denominated in foreign currency into national currency, requiring proactive client notification and written disclosure of applicable terms, interest rates, and repayment periods. Banks must ensure fair negotiations, refrain from charging conversion commissions, and submit required foreign exchange needs to the central bank via a designated Excel schedule. All credit conversion processes must be finalized within six months of publication, with non-compliance constituting a punishable misdemeanor under financial institution laws.
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