Regulatory Alerts1992-08-04
Notice No. 7/92 of August 12
The National Bank of Angola issued Notice No. 7/92 to regulate the opening and operation of foreign currency deposit accounts held by resident individuals at authorized financial institutions. The notice mandates that accounts be denominated in currencies with established exchange rates, prohibits checkbooks and interest on demand accounts, and forbids inter-account transfers and overdrafts. Commercial banks must hold deposited foreign exchange in specific overseas accounts, report daily balances to the Central Bank, and may be required to remit a minimum percentage of the funds.
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