Regulation (NAP) - Outward Movement of Foreign Exchange from the National Territory

Central Bank of S.T.P NAP PERMANENT APPLICATION REGULATION CODE RD 09 PROPOSER(S) ENTRY INTO FORCE DATE OF ISSUE DOC. NO. PAGE DSB 01/01/2010 31/12/2009 21/2009 1/2 Reviewed Revocation Dates: Subject: Outward movement of foreign exchange from the National Territory

The Central Bank of São Tomé and Príncipe, exercising its powers established by Articles 8(b) and (l) and 31 of its Organic Law, assisted by Article 6 of the Exchange Act; Considering that it is within the Central Bank's mandate to regulate procedures concerning foreign exchange purchase and sale, transport, and transfer operations to and from abroad; The Board of Directors of the Central Bank hereby determines the following:

Article 1. Object

1. This Permanent Application Regulation aims to regulate the procedures and limits for acquiring and transporting foreign exchange from the national territory abroad.
2. This NAP applies to all natural or legal persons, whether resident or non-resident.

Article 2. Residents

1. Residents may freely acquire, up to the amount of Dbs. 245,000,000 (two hundred and forty-five million dobra), equivalent to Eur. 10,000 (ten thousand euros), banknotes and coins with legal tender status abroad, as well as other foreign payment instruments, from authorized exchange entities, to cover travel or tourism expenses (or other charges).
2. For residents intending to travel abroad, only the amount corresponding to Dbs. 245,000,000 (two hundred and forty-five million dobra), equivalent to Eur. 10,000 (ten thousand euros) in foreign exchange (banknotes and coins), is permitted to be carried or transported by them.

Article 3. Non-residents

1. Non-residents exiting the national territory who carry more than Dbs. 245,000,000 (two hundred and forty-five million dobra), equivalent to Eur. 10,000 (ten thousand euros) in foreign exchange or other foreign payment instruments, excluding credit cards, debit/payment cards, bank checks, or travel checks issued abroad in their name, must, when and whenever requested by the competent authorities, provide proof that they entered São Tomé and Príncipe with an equal or greater amount.
2. For the purposes of the preceding paragraph, proof must be provided by submitting an original declaration duly completed by the concerned party upon entry into the country to the competent authorities, or an authenticated justification of origin issued by a national financial institution, in accordance with current legislation.

Article 4. Travelers The outward movement of national banknotes and coins is free up to a limit amount of Dbs. 4,900,000 (four million nine hundred thousand dobra), equivalent to Eur. 200 (two hundred euros).

Article 5. Other situations Outside the limits and conditions established in Articles 2 and 3, the sale or export of foreign metallic banknotes/coins and other foreign payment instruments is subject to the submission of supporting documentation.

Article 6. Emigrants São Toméan emigrants benefit, when acquiring foreign payment instruments, from the regime defined for residents and, in the case of exporting funds held at the time of their entry into the national territory, from the regime and principles applicable to non-residents.

Article 7. Sanctions Non-compliance with the provisions of this NAP is subject to sanctions as provided by law.

Article 8. Entry into force This NAP enters into legal effect upon its publication, in accordance with applicable procedures.

Central Bank of São Tomé and Príncipe, 31 December 2009.