BNA Order No. 11/19, of 26 November 2019, sets new maximum limits on commissions and fees charged by Commercial Banks in certain operations and determines the currency in which such commissions/fees must be charged.

Under the Order, no commissions, fees or costs for foreign currency transactions, including transactions related to the use of credit or pre-paid cards abroad, may be charged, without authorization from the National Bank of Angola, other than those referred to in the Annex to the Order.

The Order further determines that only the commissions and fees referred to in its Annex as being in foreign currency may be calculated on the basis of such currency, while all other commissions, fees and costs must be reflected in local currency in the Commercial Bank’s price list, regardless of the products to which they refer, and may not be indexed to any foreign currency.

Finally, the Order states that the commissions, fees and any costs in foreign currency referred to in its Annex, regardless of whether they are fixed or a percentage of the amount of the transaction, must always be charged in national currency.

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