Region

Jurisdiction

Regulator

2017-12-01

Instruction No. 05-2017 of December 1, 2017 on Exchange Rate Policy

The Governor of the National Bank of Angola issued Instruction No. 05-2017 to revoke previous directives and adjust foreign exchange regulations to better align market operations with monetary and exchange rate policy objectives. The instruction mandates the immediate release of national currency resources previously held as collateral at the central bank for foreign currency acquisition and abolishes the requirement for such collateral at commercial banks. Furthermore, it restricts foreign exchange operations to clients with an active Tax Identification Number (NIF) and establishes the National Bank of Angola as the final authority on interpretation and application.

Angola

Banco Nacional de Angola

INSTRUCTION NO. 05/2017 of December 1 SUBJECT: EXCHANGE RATE POLICY

Revocation of Instruction No. 12/15 and points 4.1.4, 4.1.5, 4.1.6, and 4.1.7 of Instruction No. 10/2015, of June 4

Considering that the procedures for participation and execution of foreign currency purchase and sale sessions were established by Instruction No. 10/2015, of June 4;

There is a need to better reconcile the operationalization of the foreign exchange market with the objectives of monetary and exchange rate policies;

Taking into account the need to adjust foreign exchange regulation regarding the process of purchasing foreign currency for the realization of foreign exchange operations for goods, invisible current transactions, capital, and sales to Exchange Houses;

In the exercise of the competence conferred upon me by Article No. 51 of Law No. 16/10, of July 15, the Law of the National Bank of Angola.

I DETERMINE:

Instruction No. 12/2015, of June 24, and points 4.1.4, 4.1.5, 4.1.6, and 4.1.7 of Instruction No. 10/2015, of June 4, are revoked.
With the entry into force of this Instruction, national currency resources held as collateral at the National Bank of Angola for the purpose of acquiring foreign currency are immediately released.
Likewise, the obligation to constitute collateral of national currency resources in the applicant's account for the purpose of purchasing foreign currency at Banking Financial Institutions ceases.
Banking Financial Institutions may only execute foreign exchange operations ordered by clients who possess an active Tax Identification Number (NIF).
Non-compliance with the provisions of this Instruction subjects Banking Financial Institutions to penalties, in accordance with the Framework Law of Financial Institutions and the Exchange Law.
Doubts and omissions resulting from the interpretation and application of this Instruction are resolved by the National Bank of Angola.
This Instruction enters into force on the date of its publication.

PUBLISH. Luanda, December 1, 2017. THE GOVERNOR JOSÉ DE LIMA MASSANO