Regulatory Alerts1996-02-28
Notice No. 01/DSB/96 of 28 February
The National Bank of Angola issued Notice No. 01/DSB/96 to devalue the national currency and establish a new official exchange rate of USD 1.00 to KZR 31.784. The directive mandates that the central bank implement necessary measures to gradually align the official exchange rate with the macroeconomic equilibrium point. This regulatory change takes effect on 28 February 1996 in accordance with the Council of Ministers' guidelines for the 1996 Economic and Social Programme.
NOTICE NO. 01/DSB/96 of 28 February Considering the need to adjust the official exchange rate in accordance with the guidelines approved by the Council of Ministers on the implementation of the Economic and Social Programme for 1996; Under Articles 42 and 60 of the Organic Law of the National Bank of Angola, I hereby determine: Article 1 The national currency is devalued, with the National Bank of Angola adopting as a reference the exchange rate of USD 1.00 = KZR: 31.784.00 (One United States Dollar equivalent to Thirty-One Thousand, Seven Hundred and Eighty-Four Adjusted Kwanzas). Article 2 The National Bank of Angola will adopt the necessary measures to gradually bring the official exchange rate closer to the macroeconomic equilibrium point. Article 3 This Notice enters into force on 28 February 1996. PUBLISHED Luanda, 28 February 1996 THE GOVERNOR, ANTÓNIO GOMES FURTADO