The measure is justified by the lower availability of foreign currency in the country, which has caused exchange rates to increase significantly, leading customers to have to make a greater effort to maintain credit, thus increasing the risk of default.
For this reason, the BNA decided to facilitate the process of conversion to kwanzas, minimizing the risk of default.
"The BNA considers it opportune to establish conditions to facilitate the conversion into national currency of credits in foreign currency contracted for housing by private clients without income or resources in that currency," can be read in the BNA's statement, cited by Angop.
The BNA's guidelines also establish the sale of foreign currency to the banks so that it is possible to cover the exchange resulting from the conversion of the credits. The note reveals that the guidelines will be in effect until 30 December of this year, with the possibility of being extended if justified.
According to the note, this conversion concerns individuals who have housing credits in foreign currency and who until the date of entry into force of these guidelines do not have income in that currency and wish to convert the said credits to kwanzas.
Commercial banks should therefore contact all customers in the above situation to find out whether they wish to exchange the credit. After the contact, a written proof must be made and kept to account for the contact. The document must also include the answer given by the customer.
Banks must duly inform customers of the terms and conditions for the credit in national currency, indicates the BNA, and must simulate a financial plan which must include the interest rate, amount of the instalment, extension of the credit term, among others.
After the customer confirms the conversion, a contract should be entered into and the banks should proceed with the conversion as soon as possible.
The BNA also establishes that the collection of commissions and the addition of any margin on the BNA's reference exchange rate are prohibited and that the banks must inform the central bank on the day on which the conversion of each credit is made.
