Regulatory Alerts1993-09-09
Notice No. 10/93 of 10 September
The National Bank of Angola issued Notice No. 10/93 to devalue the national currency, establishing a new official exchange rate of 6,500 New Kwanzas per US dollar. The directive mandates that the central bank implement measures to gradually align the official rate with the macroeconomic equilibrium point, in line with the Government's 1993 Economic and Emergency Programmes. This regulatory notice takes effect on 13 September 1993.
NOTICE No. 10/93 of 10 September Considering the need to adjust the official exchange rate in accordance with the guidelines of the Government's Economic Programme for 1993; Under Articles 42 and 60 of the Organic Law of the National Bank of Angola, I determine: Article 1 The national currency is devalued, with the National Bank of Angola adopting as a reference the exchange rate of 1 US$ = 6,500.00 NKZ (one United States dollar equivalent to six thousand five hundred New Kwanzas). Article 2 The National Bank of Angola will adopt the necessary measures to gradually bring the official exchange rate closer to the macroeconomic equilibrium point, in accordance with the guidelines of the complementary measures of the Government's Emergency Programme. Article 3 This Notice enters into force on 13 September 1993. PUBLISH Luanda, 10 September 1993. THE GOVERNOR GENEROSO HERMENEGILDO GASPAR DE ALMEIDA