Standard Bank fined $800 by Angola's cbank over forex violations

folarin okunola

June 29, 2016 5:23 PM

Angola's central bank said on Tuesday it will sanction seven financial institutions for failing to comply with foreign exchange rules, but did not elaborate.

Customers queue to draw money from an ATM outside a branch of South Africa's Standard Bank in Cape Town, March 15, 2016. REUTERS/Mike Hutchings

Standard Bank's Angolan unit was fined $800 by the central bank for foreign exchange violations but the South African lender said on Wednesday it had not breached any rules.

"Standard Bank is of the view that it has not transgressed or misinterpreted the framework for implementation of foreign exchange resources and will defend its position," the bank said in an emailed response to questions by Reuters.

Angola's Banco Angolano de Investimento (BAI) said it was fined 683,222 kwanza ($4,139), while Banco Sol said it was asked to pay a 277,776 kwanza penalty.

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