Regulatory Alerts1994-04-21
Instruction No. 8/94: Floating Exchange Rate Regime and Current Invisible Operations
The National Bank of Angola issued Instruction No. 8/94 to delegate licensing authority for current invisible foreign exchange operations and unilateral transfers to authorized financial institutions under the new floating exchange rate regime. The directive permits banks to process foreign currency sales for education, health, travel, and business without prior central bank approval, subject to strict monetary caps, documentation requirements, and record-keeping obligations. It also authorizes unilateral remittances to and from Angola for donations, family maintenance, professional fees, and pensions, mandating compliance verification and imposing penalties for violations.
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