Instruction No. 03-2018 of January 19 Regarding Exchange Rate Policy

INSTRUCTION NO. 03/2018
Of January 19
SUBJECT: EXCHANGE RATE POLICY

• Reference Exchange Rate
• Calculation Methodology

Considering the need to define the process for forming the reference exchange rate of the primary market, as well as the margins permitted on exchange rate operations in the secondary market;

In accordance with the combined provisions of Article 3 of Law No. 16/10, of July 15, the Law of the National Bank of Angola, and Article 70 of Law No. 12/15, of June 17, the Law of the Bases of Financial Institutions, and using the competence conferred upon me by Article No. 51 of Law No. 16/10, of July 15, the Law of the National Bank of Angola.

I DETERMINE:

1. The determination of the reference exchange rate will result from the calculation of the weighted average of the sale rates of the foreign currency auctions organized by the National Bank of Angola (BNA).

2. The purchase exchange rate of the market will be calculated with a reduction of up to 0.25% (zero point two five percent) on the sale exchange rate.

3. The BNA will publish daily on its institutional portal the reference exchange rates.

CONTINUATION OF INSTRUCTION NO. 03/2018 Page 2 of 3

4. In the sale of foreign currency in the interbank market and to its clients, Commercial Banks may apply, on the reference exchange rate published on the institutional portal of the National Bank of Angola, a margin, upwards or downwards, of up to 2% (two percent);

5. The aforementioned margins apply to all exchange rate operations without exception, including the sale of banknotes, traveler's checks, and international payment cards.

6. All regulation contrary to the provisions of this Instruction is hereby revoked.

7. This Instruction enters into force on January 24, 2018.

PUBLISH.

Luanda, January 19, 2018.

THE GOVERNOR
JOSÉ DE LIMA MASSANO