Regulatory Alerts2018-12-02
Instruction No. 19/2018, of December 3
The Bank of Angola issues Instruction No. 19/2018 to adjust the organization and operating procedures for its foreign currency purchase and sale auctions, mandating that Banking Financial Institutions comply with specific eligibility criteria, submit bids electronically via the SGMC within 30 minutes of auction opening, and adhere to defined settlement timelines (D+2) and sanctions for non-compliance. The regulation establishes distinct auction modalities, including spot sales and credit letter plafond allocations, while capping individual bid values at 25% of the Bank's offering and limiting weekly purchases to amounts reflected in prior Needs Maps. Furthermore, it mandates that acquired foreign currency be used exclusively for covered operations listed in the submitted Needs Maps, with uncommercialized balances exceeding position limits being automatically resold to the Bank at prevailing rates.