Notice No. 7/92 of August 12

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NOTICE NO. 7/92 of August 12

Decree No. 13/92 of May 15, which authorizes individuals to hold foreign currency accounts with financial institutions domiciled in the national territory, establishes in paragraph 2 of its Article 3 that the opening of such accounts must be regulated by the National Bank of Angola.

In these terms and using the competence conferred upon me by Article 60 of the Organic Law of the National Bank of Angola,

HEREBY DETERMINE:

ARTICLE 1 Financial institutions authorized to collect deposits may maintain in their books foreign currency deposit accounts, either on demand or time deposits, held by resident individuals, as defined in paragraph a) of paragraph 1 of Article 10 of Law No. 9/88 of July 2.

ARTICLE 2 The accounts referred to in the preceding article are characterized as follows: a) They shall be denominated exclusively in currencies for which the National Bank of Angola has established respective exchange rates; b) Time deposit accounts shall be remunerated at an interest rate freely set by the financial institutions; c) The issuance of checkbooks or the payment of interest on demand deposit accounts is not permitted.

ARTICLE 3 The opening and operation of the accounts are not subject to any prior authorization from the National Bank of Angola, provided that the provisions of Articles 4 to 7 below are observed.

ARTICLE 4 It is incumbent upon financial institutions to set any minimum value for accepting the opening of the accounts referred to in this Notice.

ARTICLE 5 The depositing credit institution shall require documents it deems necessary to prove the account holder's residence within the national territory.

ARTICLE 6 The operation of the aforementioned accounts is subject to the following recording regime: a) On the credit side, by delivery of foreign currency in cash, drafts, traveler's checks, and payment orders originating from abroad, and by accrued interest. b) On the debit side, by conversion into national currency and by issuance of any instrument normally accepted in the international financial market to settle operations involving the import of goods and current invisibles, or capital exports, carried out by the depositor themselves and in accordance with the prevailing foreign exchange legislation.

ARTICLE 7

1. The transfer of funds from account to account is expressly prohibited when dealing with the accounts referred to in this Notice.
2. Overdraft balances are not permitted in the accounts referred to in this Notice.

ARTICLE 8 Commercial banks shall maintain in specific accounts abroad the funds collected through the aforementioned deposits, such that these accounts do not admit any other type of transaction nor have their balances encumbered in the settlement of foreign exchange operations for the benefit of other clients other than the foreign currency depositor themselves.

ARTICLE 9 Daily, commercial banks shall send or transmit via telefax to the Central Bank through the Reserve Management Directorate the list of balances maintained abroad in the accounts referred to in Article 8.

ARTICLE 10 The Central Bank may require, whenever necessary, a minimum percentage transfer of the foreign exchange received in those accounts, which may apply to either the overall position or currency held by the commercial bank.

ARTICLE 11 This Notice enters into force immediately.

PUBLISH Luanda, August 12, 1992.