Regulatory Alerts1996-04-16
Notice No. 08/96 of 17 April
The Bank of Angola issued Notice No. 08/96 to implement a single, flexible exchange rate regime for the Adjusted Kwanza, establishing a public U.S. dollar auction system as the primary mechanism for determining the official selling rate. The regulation mandates that the secondary market selling rate remain within ±3% of the primary auction rate, with the Central Bank's buying rate set at 1% below the primary rate, and requires biweekly or ad-hoc dollar sales to stabilize the market. It further maintains mandatory foreign currency surrender rules for financial institutions, restricts public auction participation to non-financial entities, and allocates remaining administrative sector currency needs at the fixed primary rate pending Ministry of Economy and Finance approval.