Instruction No. 11/91: Foreign Exchange Policy - Floating Exchange Rate Market Regulations

INSTRUCTION NO. 11/91 SUBJECT: FOREIGN EXCHANGE POLICY

• Floating Exchange Rate Market

• Regulations Having found it necessary to amend or clarify certain points contained in Instructions No. 7/91 and 9/91; In exercise of the competence conferred upon me by the current Organic Law, I HEREBY ORDER: Article 1 The points of Instructions No. 7/91 and 9/91 listed below are hereby revoked and shall be replaced with the following wording: 1 - INSTRUCTION NO. 7/91

• Point 4.f – Shall read as follows: "Accredited Non-Bank Institution – a non-bank institution authorized to operate in the Floating Exchange Rate Market."

• Point 17 Shall read as follows: "The foreign currency purchase and sale operations provided for in this regulation may only be conducted with citizens over the age of 18."

• Point 50 A sentence is added: "The purchase of foreign exchange registered in foreign currency deposit accounts held at the institution itself by individuals or legal entities is also permitted."

• Point 54 A sub-clause is added: "c) recording in the passport the amount and date of sale"

• Point 55 Shall read as follows: "Resident national citizens traveling abroad may purchase foreign currency from banks, under the following terms:

• Point 59 Shall read as follows: "In addition to acquisitions made under Title V, and subject to the aforementioned provisions, legal entities may acquire foreign currency from Accredited Institutions to cover the expenses of their employees abroad on business, service, or training trips not exceeding thirty days." 2 – INSTRUCTION NO. 9/91

• Point 1 Shall read as follows: "In addition to the amounts permitted under Title V of Instruction No. 7/91, the sale of foreign currency for remittances is authorized, monthly up to the equivalent of US$ 2,500.00 (two thousand five hundred United States dollars), for the maintenance of individuals domiciled in the country who are abroad for a maximum period of 90 days, participating in educational, scientific, or cultural programs. These operations may be conducted directly with accredited banking institutions, upon presentation by the purchaser of a document proving the purpose of the trip and the duration of the event.

• Point 18 The current Point 18 shall become 18.1, and a new Point 18.2 is added with the following wording: "Only the following may benefit from transfers under the preceding number: a) descendants under the age of 18, or those who, being adults, prove to be students or unable to work. b) ascendants over the age of 60, or those under that age who prove to be unable to work." Article 2 This instruction shall enter into force immediately. Luanda, December 19, 1991 THE GOVERNOR FERNANDO ALBERTO DA GRAÇA TEIXEIRA