Regulatory Alerts1993-06-16
Instruction No. 04/93: Exchange Rate Policy - Floating Rate Exchange Operations - Current Invisible Operations
Issued by the Governor of the National Bank of Angola on 17 June 1993, Instruction No. 04/93 establishes the regulatory framework for floating-rate exchange operations covering current invisible transactions without requiring prior Central Bank authorization. The directive authorizes accredited financial institutions to sell foreign currency for educational, scientific, cultural, health, travel, and business purposes, while simultaneously permitting unilateral transfers for membership fees, family maintenance, and inbound remittances for donations, pensions, or inheritances. Strict documentation, weekly position limits, and specific monetary caps per category are mandated to ensure compliance, with violations subject to legal sanctions and transfer prohibitions.