Regulatory Alerts1994-02-27
Notice No. 04/94 of February 28
The National Bank of Angola fixes the official exchange rate at US$1.00 = 24,970.00 New Kwanzas to continue the gradual macroeconomic adjustment process initiated in early February. This measure implements complementary provisions of the 1993 Emergency Program and prepares for the 1994 Economic and Social Program, as authorized by the bank's Organic Law. The notice becomes effective on March 1, 1994.
NOTICE NO. 04/94 of February 28 Considering the need to continue the process of gradually adjusting the official exchange rate to the macroeconomic equilibrium point, following Notices No. 02/94 of February 10 and No. 03/94 of February 17;
Taking into account that such adjustment process forms part of the complementary measures to the 1993 Emergency Program, having been stipulated both in point 1(d) of Resolution No. 4/93 of September 10 by the Council of Ministers and in point 1 of Resolution No. 17/93 of November 12 by the National Assembly, in addition to constituting an important preparatory measure for the implementation of the Economic and Social Program for 1994; Pursuant to paragraph e) of Article 42 and Article 60 of the Organic Law of the National Bank of Angola, I HEREBY DETERMINE: Article 1 The official exchange rate is fixed at US$ 1.00 = Nkz 24,970.00 (One United States Dollar equivalent to Twenty-Four Thousand, Nine Hundred and Seventy New Kwanzas). Article 2 This Notice enters into force on March 1, 1994. . PUBLISHED Luanda, February 28, 1994. THE GOVERNOR HERMENEGILDO GASPAR DE ALMEIDA