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.
REVOKED BY INSTRUCTION NO. 4/94 OF APRIL 22 INSTRUCTION NO. 03 SUBJECT: EXCHANGE RATE POLICY
- FLOATING EXCHANGE RATE MARKET
Goods Operations Through Notice No. 4/93 of April 13, 1993, the official exchange rate to be applied in transactions with the exterior was established. Considering it necessary to establish exchange mechanisms that allow the execution of transactions in foreign currency and thus benefit those agents who do not have access to the foreign exchange budget allocations, as determined in Notice No. 8/93 of May 27, 1993, which establishes the Floating Exchange Rate Market; In exercise of the competence conferred upon me by the Organic Law of the National Bank of Angola I HEREBY DETERMINE:
ARTICLE 1 Sale of Foreign Exchange Authorized institutions operating in the exchange market are permitted to carry out, without any prior authorization from the Central Bank and with prior licensing from the Ministry of Commerce, goods import transactions, subject to the following: 1- Licensed importers from the Ministry of Commerce shall go to the counters of any commercial bank where they maintain domiciled accounts, accompanied by the following: a) Bank transfer request letter b) Original of the corresponding proforma invoice, valid for 90 days, signed by the supplier and indicating the name of their bank, as well as their bank account number. c) The proforma invoice referred to in the preceding point must include the freight and insurance costs. 2- Each importer may transfer fortnightly an amount of US$ 200,000.00 (two hundred thousand US dollars), in whole or in part. 2.1- The above provision does not apply to the importation of goods whose value, even if equal to or less than the established limit, results from the splitting of an amount that as a whole corresponds to a single transaction. 3- Commercial banks, within 48 hours after the transfers are executed, shall submit to the Directorate of Capital and Current Transactions - Goods Department -, a detailed report of the transactions executed, indicating: a) Invoice number b) Importer name c) Foreign exporter name d) Transferred amount, e) Type of goods 4- Importers are obligated to, within 72 hours after receiving the goods, deliver to the operating commercial bank the proof of entry of the goods into the country and the license issued by the Ministry of Commerce, which for this purpose will receive a notification from the National Bank of Angola regarding the execution of the exchange transaction. 5- Commercial banks shall notify the Directorate of Capital and Transactions of the N.B.A. – Goods Department, of the compliance by importers with the proof of entry of the goods into the country and the licensing of the operation as a complement to the elements referred to in point 3. 6- The exchange rate to be applied by commercial banks shall be an exchange rate close to that applied in the parallel foreign exchange market, to be published by the Central Bank. 7- For these transactions, a foreign exchange position limit shall be established for each commercial bank, which must be replenished fortnightly, after justification of the transactions executed in the previous fortnight.
ARTICLE 2 This instruction enters into force immediately
PUBLISH Luanda, May 27, 1993, THE GOVERNOR GENERESO HERMENEGILDO GASPAR DE ALMEIDA