On 15 August, the Central Bank of Angola (“BNA”) established new limits of the global foreign exchange position of commercial banks and the basis for its calculation, by means of Notice No. 6/18.
Commercial banks must now comply, on a daily basis, with a global foreign exchange position that may not exceed 10% of their Own Regulatory Funds ("ORF"). For this purpose, the ORFs calculated in the preceding month will be used as reference, with commercial banks being required to sell the excess of their foreign exchange position on the interbank market or to BNA, at an exchange rate freely negotiated between the parties.
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