Regulatory Alerts1992-12-14
Instruction No. 9/92 of 14 December 1992
The National Bank of Angola issued Instruction No. 9/92 to enforce strict accounting discipline by prohibiting financial institutions from altering the approved Chart of Accounts without prior central bank authorization. The directive permits institutions to create 4th and 5th degree accounts only with prior approval from the Banking Supervision Directorate, while allowing unrestricted breakdown of existing 5th degree accounts. These regulations took immediate effect upon publication on 14 December 1992.
INSTRUCTION NO. 9/92 of 14 December 1992 SUBJECT: - FINANCIAL SYSTEM Chart of Accounts The Chart of Accounts for Financial Institutions, approved by Order No. 36/90 of 22 August, is structured into classes and accounts, with these accounts having breakdowns from the 1st to the 5th degree. Considering the need to ensure the indispensable discipline of accounting records and the use of the aforementioned Chart of Accounts. Under the provisions of Articles 26 and 60 of the Organic Law of the National Bank of Angola. I HEREBY DETERMINE: 1 - Financial Institutions are prohibited from making any changes to the aforementioned Chart of Accounts without prior authorization from the National Bank of Angola. 2 - Whenever necessary for their operations, Financial Institutions may: a) create accounts at the 4th and 5th degree levels, subject to prior authorization from the Banking Supervision Directorate. b) freely proceed with the breakdown of 5th degree accounts. 3 - These instructions enter into force immediately. PUBLISH Luanda, 14 December 1992. THE GOVERNOR