Regulatory Alerts1992-06-11
Instruction No. 2/92
The Governor of the Banco Nacional de Angola issued Instruction No. 2/92 to halt the constant extensions of validity for unconfirmed exporter's credit letters of credit, which were disrupting commitment controls and exchange liability management. The directive immediately prohibits any further validity extensions and mandates that the commercial divisions of the Banco Nacional de Angola, Banco de Poupança e Crédito, and Banco de Comércio e Indústria instruct their correspondents to cancel affected letters of credit as of their transaction dates. Any operations requiring special treatment must be submitted to the Bank's Board of Directors for individual analysis and approval, with the instruction taking effect upon publication.
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