Regulatory Alerts1996-07-11
Instruction No. 06/1996, dated July 12
The National Bank of Angola mandates all banking institutions to establish a 10% provision against general banking risks based on their United States dollar cash holdings, effective immediately. All institutions must rigorously verify the authenticity of 1990 and 1993 USD 100 notes held in their treasuries, offsetting identified counterfeit values against the established provision and treating any excess as a fiscal year loss. If loss amounts remain undetermined by December 31, 1996, institutions must create an additional provision equivalent to up to 30% of their June 30, 1996 US dollar holdings.
Share