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1993-05-27

Notice No. 8/93 on Foreign Exchange Market Operations and Currency Declarations

The Governor of the National Bank of Angola issued Notice No. 8/93 to reestablish secondary market exchange mechanisms and authorize licensed commercial banks and exchange houses to trade foreign currency at free market rates. The regulation mandates that travelers entering the country must declare any foreign currency exceeding US$ 10,000 within three business days, while residents may export up to US$ 5,000 without proof of purchase but must show acquisition receipts for larger amounts. Non-residents departing with US$ 10,000 or more in foreign currency are required to present documentation of their initial currency entry declaration.

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NOTICE NO. 8/93 Dated May 27, 1993

Within the framework of the economic policy readjustment dictated by the Government, the resumption of exchange mechanisms is of special importance, which aim, at the secondary market level, to cover segments not benefited by the allocations of the Foreign Exchange Budget and consequently by the official exchange rate.

Since it is within the competence of the National Bank of Angola to define the principles governing foreign currency operations as provided for in Article 42, letters a) and c), of the Bank's Organic Law,

In exercise of the authority vested in me by the aforementioned Law

I HEREBY DETERMINE:

ARTICLE 1

  1. Commercial banks and exchange houses licensed by the Central Bank are authorized to buy and sell foreign currency at free market rates, within the limits and conditions established in the Regulations of the Floating Rate Exchange Market, disseminated through circulars of this Bank.

ARTICLE 2 The Central Bank may operate in the Floating Rate Exchange Market, however, exclusively with duly authorized commercial banks and at market rates.

ARTICLE 3

  1. The entry into the Country of traveler's checks denominated in foreign currency, as well as banknotes and coins, is permitted, and the declaration of entry of the respective currency is mandatory when it exceeds the equivalent value of ten thousand United States dollars (US$ 10,000.00).
  2. The declaration referred to in the preceding paragraph must be made with an institution authorized to operate in the exchange market, within a period of 3 business days, counted from the date of entry into the country.

ARTICLE 4

  1. Residents are permitted to leave the country with foreign currency, provided that proof of its acquisition from a licensed institution is presented.
  2. Amounts not exceeding the equivalent value of five thousand United States dollars (US$ 5,000.00) are exempt from the obligation referred to in the preceding paragraph.
  3. Non-residents wishing to leave the Country with foreign currency equivalent to or exceeding US$ 10,000.00 (ten thousand United States dollars) are required to present proof of the entry declaration referred to in point 1 of Article 3.

ARTICLE 5 This notice enters into force immediately.

PUBLISH

Luanda, May 27, 1993 THE GOVERNOR Generoso Hermenegildo Gaspar de Almeida

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