Regulation (NAP) - Foreign Currency Cash Operations

Central Bank of S.T.P	P A P PERMANENT APPLICATION REGULATION (NAP)	CODE RD 09
PROPOSER(S)	EFFECTIVE DATE	ISSUANCE DATE

Subject: Foreign Currency Cash Operations

Whereas it is necessary to establish a mechanism that facilitates commercial banks' liquidity management and compliance with minimum cash reserves, as well as to revitalize the national payment system;

Therefore, in the exercise of the powers attributed to it by paragraph 1 of Article 31 of its Organic Law No. 8/92, the Central Bank hereby determines the following:

Article 1.
(Cash Deposits)

1. Commercial banks are permitted to make cash deposits and withdrawals exclusively in EUROS into a special account designated solely for covering minimum cash reserves;
2. Deposits made must be itemized by denomination, stating the total value thereof.

Article 2.
(Certification)

1. Foreign currency cash deposited at the Central Bank is subject to authenticity verification.
2. Depending on the amount and transaction volume, the certification period for banknotes received by the Central Bank may last up to 3 days.

Reviewed By	Revocation Data:

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Central Bank of S.T.P	P A P PERMANENT APPLICATION REGULATION (NAP)	CODE RD 09
PROPOSER(S)	EFFECTIVE DATE	ISSUANCE DATE

Article 3.
(Restrictions)

Deposits made by banks in cash are not subject to any type of transfers.

Article 4.
(Fees)

No commissions are charged on deposit and withdrawal operations in the special account established in Article 1;

Article 5.
(Prior Notice)

Cash withdrawals of funds at the Central Bank counters must be communicated with a prior notice of 1 business day;

Article 6.
(Revocation)

Permanent Application Regulations (NAP) No. 18/2006 of 07/12/2006, NAP No. 13/2009 of 29/12/2009, and all provisions contrary to the spirit of this NAP are hereby revoked.

Article 7.
(Entry into Force)

This regulation enters into force immediately.

Central Bank of São Tomé and Príncipe, on February 20, 2014

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