Regulation (NAP) - Foreign Currency Cash Operations

Central Bank of S. T. P.	N A P ; PERMANENT APPLICATION NORM	CODE ; OG 01
PROPOSER(S) ; D.O.G.	EFFECTIVE DATE ; 01/01/2010	ISSUE DATE ; 29/12/2009	DOC NO. ; 13/2009	P. ; 1/3

Subject: Foreign Currency Cash Operations

As it becomes necessary to create a mechanism that facilitates commercial banks' liquidity management and compliance with minimum cash reserves, while simultaneously bringing greater dynamism to the country's payment system, the Central Bank determines the following:

Article 1
Cash Deposit

1. Commercial banks are permitted, from this date, to make deposits or withdrawals of foreign currency cash (EUR and USD) in their deposit account at the Central Bank.

2. Cash deposits will be credited to a special account and are intended exclusively for covering minimum cash reserves, with withdrawals in cash being authorized.

3. Deposits must be accompanied by a list specifying the banknote series and their face value, or alternatively clear photocopies of all deposited notes, for identification purposes.

Article 2
Certification

1. Foreign currency cash deposited or sold to the Central Bank is subject to a certification period of up to 30 days by the Central Bank and its foreign correspondent, depending on the amount and transaction volume, during which the authenticity of the received notes will be verified.

Reviewed: [Signature] | Revocation Data:

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Central Bank of S. T. P.	N A P ; PERMANENT APPLICATION NORM	CODE ; OG 01
PROPOSER(S) ; D.O.G.	EFFECTIVE DATE ; 01/01/2010	ISSUE DATE ; 29/12/2009	DOC NO. ; 13/2009	P. ; 2/3

2. During the aforementioned period, if counterfeit denominations are detected among the received notes, the bank will be notified and an automatic debit will be processed in that bank's account.

Article 3
Restrictions

1. Cash deposits made by banks will not be subject to transfers between accounts of the same bank, nor to interbank transfers, whether within the country or abroad.

Article 4
Commissions/Fees

1. No commissions will be charged on deposit operations in the special account established in Article 1 and on withdrawals from this account.

2. Cash withdrawals from the foreign currency deposit account based on foreign exchange transfers will be considered a foreign exchange operation, involving the purchase of foreign currency from the Central Bank and, simultaneously, the sale of banknotes.

3. A foreign exchange rate corresponding to the Central Bank's purchase rate plus 1% will be used for cash sales.

Reviewed: [Signature] | Revocation Data:

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Central Bank of S. T. P.	N A P ; PERMANENT APPLICATION NORM	CODE ; OG 01
PROPOSER(S) ; D.O.G.	EFFECTIVE DATE ; 01/01/2010	ISSUE DATE ; 29/12/2009	DOC NO. ; 13/2009	P. ; 3/3

Article 5
Prior Communication

1. Cash withdrawals of amounts exceeding EUR 100,000.00 or the USD equivalent at Central Bank counters must be communicated to the Central Bank with a prior notice of 3 business days.

2. For withdrawals below EUR 100,000.00 or the USD equivalent, communication to the Central Bank must be made with a prior notice of 2 business days.

Article 6
Transitional Character

1. This NAP has a transitional character and will remain in force until all conditions for remitting foreign banknotes abroad are met.

Article 7
Revocation

2. NAP No. 18/2006, dated December 7, 2006, is hereby revoked.

Article 8
(Effectiveness)

1. This NAP enters into force immediately.

Central Bank of São Tomé and Príncipe, on December 29, 2009

Reviewed: [Signature] | Revocation Data: