Instruction 16/2019, of 24 October 2019, established the methodology for calculating the reference exchange rates and exchange rates of banking financial institutions.

This Instruction establishes that on the days when auctions are held, the reference exchange rate (sale) will be the weighted average of the sale rates of currency auctions organized by the National Bank of Angola, regardless of the amount sold, and on the days when no auctions are held, the reference exchange rate (sale) will be calculated on the basis of the weighted average of sales effected on the interbank market, provided that the cumulative value of such sales exceeds the equivalent of USD 20 million. On days when there are neither auctions nor sales of more than USD 20 million on the interbank market, the previous reference rates will be maintained.

The reference exchange rate (purchase) of the market will be calculated with a reduction of up to 2% on the reference exchange rate (sale).

In foreign currency transactions in the interbank market, particularly between Banking Financial Institutions, exchange rates will be freely negotiated between the parties. In the purchase and sale of foreign currency from their customers, exchange rates are freely negotiated between the parties.

This Instruction came into force on 24 October 2019, repealing Instruction 20/2018, of 3 December 2018.

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