Through Order 22/20, of 27 November 2020, the BNA established the criteria and procedures that must be observed by Banking Financial Institutions for the contracting of forward exchange operations with their clients, i.e. operations for the purchase (sale) of Kwanzas and sale (purchase) of a foreign currency, in certain amounts and at certain exchange rates and future maturity dates.

Commercial banks may only contract forward exchange operations with their clients, legal entities, importers, exporters, oil companies, diamond companies and State entities to cover the exchange risk related to specific and identified operations for the importation or exportation of goods.

Forward exchange transactions must have a maximum term of one year and a forward exchange contract must be signed with the client, in the format published in the Order.

The Order also determines how transactions are recorded, depending on whether they are traded on or outside the FXGO platform.

For more information on this Banking Alert please contact:
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