Guideline No. 9/94: Exchange Rate Policy – Floating Rate Regime – Operations Without Use of Foreign Exchange Reserves

GUIDELINE NO. 9/94
SUBJECT: EXCHANGE RATE POLICY

• Floating Rate Regime
• Operations Without Use of Foreign Exchange Reserves

Considering that all commercial and financial transactions with the outside world, including those not using foreign exchange reserves, are subject to the corresponding foreign exchange operation at a credit institution established in national territory, as established in Article 6 of Decree No. 16/94 of April 22; Taking into account the need to clarify the procedures to be observed by operating banks in order to comply with the aforementioned legal provision; In the exercise of the competence established in Article 42 of the Organic Law of the National Bank of Angola, I DETERMINE:

Article 1
(IMPORTS OF GOODS)

1. In the import of goods using foreign exchange reserves, the following shall be observed:
   a) The importer shall present to a Commercial Bank, together with the pro-forma invoice, a Declaration of Import Without Use of Foreign Exchange Reserves, to be filled out based on the attached model in four copies, all of which must be signed by a duly identified person; b) The Bank shall stamp the receipt on the four copies, retaining the original for its files, returning two copies to the importer and sending the last copy to the National Bank of Angola (Banking Supervision Directorate) for control purposes. At the same time, the Bank shall stamp the pro-forma invoice transversally with a stamp bearing the words “PAYMENT TO THE EXTERIOR WITHOUT USE OF FOREIGN EXCHANGE RESERVES (ARTICLE 6 OF DECREE NO. 16/94, OF 22/4/94); c) The importer shall present one of the two copies of the declaration to the Ministry of Commerce to qualify for the issuance of the Import Registration Bulletin.

2. The operations recorded in the Declaration referred to in the previous point are prohibited from purchasing foreign exchange in the banking system, and the provisions of the following point shall also be observed.

3. For payment abroad for imports without use of foreign exchange reserves, the importer may use the banking network services, and must first sell the foreign currency in the amount corresponding to the operation's value to the operating bank, which must be the same bank to which the Declaration referred to in point No. 1 was submitted.

4. For this purpose, the operating bank must carry out two simultaneous foreign exchange operations, one for the purchase of the foreign currency and another for its resale to the client to cover the external import, and the deadlines and exchange rates agreed upon by the parties shall apply in both cases. The agreed exchange rates must not cause the selling and buying rates to exceed a margin of 1% relative to the average value of these two rates.

5. The requirement of point 1 is waived in cases of import of goods whose value does not exceed the equivalent of US$ 3,000.00 (three thousand United States dollars).

Article 2
(OTHER OPERATIONS)

1. Commercial Banks shall also use the attached model to register the following operations, upon the actual entry of the respective goods into the country:
   a) donations or international aid in goods or services, duly proven to the operating bank through the legal documentation that the bank deems sufficient to characterize the arrival of the goods in the country and their concessional nature; b) foreign investments in the form of capital goods and services duly licensed at the National Bank of Angola (Capital and Current Transactions Directorate).

2. The Bank shall stamp the receipt on the four copies, retaining the original for its files, returning two copies to the importer and sending the remaining copy to the National Bank of Angola (Studies and Statistics Directorate) for purposes of registration in the Balance of Payments. At the same time, the Bank shall stamp the relevant documentation (invoice, bill of lading, etc.) with the same wording referred to in sub-paragraph b) of point No. 1 of the previous Article.

3. The importer shall present one of the two copies of the Declaration to the Ministry of Commerce when requesting the issuance of the Import Registration Bulletin.

4. The imports recorded in the aforementioned Declaration are prohibited from purchasing foreign exchange in the banking system.

Article 3
(FINAL PROVISIONS)

1. Any doubts or omissions shall be submitted to the Governor of the National Bank of Angola.
2. This Guideline enters into force immediately.
   Luanda, May 20, 1994.
   THE GOVERNOR
   GENEROSO HERMENEGILDO GASPAR DE ALMEIDA

ANNEX
DECLARATION OF IMPORT WITHOUT USE OF FOREIGN EXCHANGE RESERVES IMPORTER:
IMPORTER REGISTRATION NO.: IMPORT VALUE:
PAYMENT CONDITIONS:
SUPPLIER (SELLER NAME AND COUNTRY OF ORIGIN OF GOODS):
NATURE AND QUANTITY OF IMPORTED GOODS:
MEANS OF TRANSPORT:
ARRIVAL DATE OF GOODS:
PRO-FORMA INVOICE NO. ___ OF //___ (ATTACH COPY) I HEREBY DECLARE, FOR ALL LEGAL PURPOSES, THAT THE ABOVE-REFERENCED IMPORT DOES NOT IMPLY THE USE OF THE COUNTRY'S FOREIGN EXCHANGE RESERVES.
This declaration is a true expression of fact. Luanda, on the ___ of ____, 199 IMPORTER:
(Authorized signature)
(For Bank Operator Use)
RECEIVED ON // BY: (STAMP AND AUTHORIZED SIGNATURE)