Regulatory Alerts1991-12-29
Notice No. 6/191 of December 30
The Governor of the National Bank of Angola issued Notice No. 6/191 to devalue the national currency by 100 percent, establishing a new exchange rate of 180 new Kwanzas per US dollar. This monetary adjustment implements the Government Action Program’s readjustment of price, income, credit, and exchange policies under the authority of the Bank’s Organic Law. The directive takes effect at midnight on December 30, 1991, following its publication in Luanda on December 27, 1991.
Notice No. 6/191 of December 30
Considering the provisions of paragraph 2 of Article 1 of Decree No. 69/91 of November 15 and within the framework of the readjustment of price and income policies, monetary, credit, and exchange policy provided for in the Government Action Program; Under the authority of Articles 42 and 60 of the Organic Law of the National Bank of Angola, I determine:
Article 1 - The national currency is devalued by one hundred percent (100%), with the parity changing to 1 US$ = 180: NKz (one United States dollar equivalent to one hundred and eighty new Kwanzas). Article 2 - This notice enters into force at zero hours on December 30, 1991. Published. Luanda, December 27, 1991. The Governor, Fernando Alberto da Graça Teixeira.
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