Regulatory Alerts2009-05-19
Notice 03/2009 (May 18) Definition of the Terms under Which Resident and Non-Resident Exchange Entities May Hold Accounts in Foreign Currency and National Currency
The National Bank of Angola issued Notice 03/2009 to establish the precise terms and conditions under which resident and non-resident exchange entities may hold foreign currency and national currency accounts. The regulation defines residency criteria, mandates that banking institutions open current and time deposit accounts for these entities, and specifies distinct credit and debit regimes for non-residents versus residents. It further prohibits debit balances in foreign currency accounts, restricts check issuance and cross-account transfers without prior authorization, and revokes conflicting prior regulations effective immediately.
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