Regulatory Alerts2017-10-30
Republic Gazette - Treatment of Accounting Documents and Checks During the Co-Circulation Period
The Central Bank of São Tomé and Príncipe issued Permanent Application Standard (PAS) No. 18/2017 to mandate banking financial institutions to process accounting documents and checks using the "nDb" abbreviation during the January 1 to June 30, 2018 co-circulation period of the two Dobra currency families. The standard requires institutions to apply specific red stamps to accounting reports and pre-printed checks, while post-dated checks in the current "Db" family must be updated at counters by December 31, 2017 according to the statutory conversion rate. Upon expiration of the co-circulation period, "Db" becomes the exclusive currency denomination for accounting records, checks, and pricing, with issuers and holders bearing liability for unupdated values.