Regulatory Alerts1994-05-19
Guideline No. 9/94: Exchange Rate Policy – Floating Rate Regime – Operations Without Use of Foreign Exchange Reserves
The National Bank of Angola issued Guideline No. 9/94 to clarify banking procedures for commercial and financial transactions conducted without using national foreign exchange reserves under the floating exchange rate regime. The directive mandates that importers and commercial banks utilize a standardized four-copy declaration form to register such transactions, requiring banks to stamp documents, retain originals, and forward specific copies to the Ministry of Commerce and the central bank for supervision and balance of payments tracking. It further stipulates that these operations are barred from purchasing foreign exchange in the banking system, allows importers to settle payments via simultaneous buy/sell currency operations with a maximum 1% margin, and waives the declaration requirement for imports valued at or below US$ 3,000.