Regulatory Alerts1993-01-24
Notice No. 2/93 of January 25, 1993
The National Bank of Angola issued Notice No. 2/93 to implement a single, flexible exchange rate regime for the new kwanza, replacing previous fixed rates with a biweekly public auction system using the US dollar as the intervention currency. The notice mandates that all foreign currency proceeds from exports be sold 100% to the Central Bank, establishes a buying rate 1% below the public auction selling rate, and grants purchasers full freedom to use or dispose of acquired foreign currency. It repeals Notice No. 4/91, sets a minimum bid threshold of USD 20,000 for public sessions, and assigns the Central Bank to directly cover all administrative public sector foreign currency needs while accrediting commercial banks to facilitate secondary market operations.