Regulatory Alerts1993-05-26
Instruction No. 03: Exchange Rate Policy - Floating Exchange Rate Market
The National Bank of Angola issues this instruction to regulate foreign exchange purchases for goods imports under the Floating Exchange Rate Market, authorizing licensed importers to obtain currency through commercial banks without prior central bank approval. It establishes a fortnightly transfer limit of US$ 200,000 per importer, mandates strict documentation requirements including proforma invoices and freight/insurance costs, and imposes reporting obligations on banks to submit transaction details within 48 hours and proof of goods entry within 72 hours. Additionally, it requires commercial banks to apply exchange rates aligned with the parallel market, maintain fortnightly replenished position limits, and notify the central bank of compliance with all licensing and entry procedures.