The National Bank of Angola will sell foreign currency in the amount of US$700 million to commercial banks in January, through price auctions (sale of currencies) and quantity auctions (for letters of credit), the central bank said in a statement published on Wednesday on its website.
The auctions will be daily for all purposes, including settlement of letters of credit, service to bureaux de change and remittances operators.
The Angolan central bank also reported that after each session, it will disclose on its website the amount made available, the number of participants, the maximum and minimum exchange rates allowed as well as the resulting average exchange rate.
At the end of 2018, the BNA instructed commercial banks to be more flexible in dealing with requests for foreign exchange for family assistance, especially for students.
The central bank has advised commercial banks to accept permanent instructions for up to 12 months in cases of transfers for family assistance and permanent instructions, in the case of customers with domiciled income.
The guidance, the document explains, aims to speed up the procedures for the transfer of family allowances, a process governed by Instruction no. 06/2018 of the BNA since June of last year.
However, the BNA notes the need for commercial banks to maintain strict compliance with the requirements set out in Notice 13/13 of 6 August and other applicable legislation in order to ensure compliance with the provisions on “Know Your Customer” and “Customer Due Diligence”, with particular attention on checking the consistency between the level of customer income and transfer values. (macauhub)