Regulatory Alerts1992-10-15
Instruction No. 8/92: Exchange Policy - Foreign Exchange Management
The National Bank of Angola issued Instruction No. 8/92 to enforce mandatory foreign exchange controls across all financial institutions. The directive requires institutions to deposit all export revenues and import-related tax payments into the Central Bank, submit monthly balance statements for domestic and foreign accounts, and report fund availability within five days and weekly thereafter. All reporting must be routed through the Bank's Reserve Management Directorate, with the measures taking immediate effect.
INSTRUCTION NO. 8/92 SUBJECT: EXCHANGE POLICY Foreign Exchange Management
Given the urgent need to establish control mechanisms by the Central Bank to fully fulfill its role in the management of the country's foreign exchange; In exercise of the competence conferred upon me by the Organic Law of the National Bank of Angola; I HEREBY DETERMINE:
All financial institutions shall be strictly obliged to comply with the following provisions:
- To deposit with the Central Bank all revenues resulting from exports by national companies, including those that, on this date, may already be credited to their accounts abroad, and likewise the amounts for payment of taxes and duties resulting from foreign exchange imports by foreign companies.
- To monthly remit to the Central Bank a statement of the balances of the DO/ME accounts opened at their counters or in specific accounts maintained abroad, as well as of the registration accounts resulting from the purchase of foreign exchange.
- To provide information on their own and future fund availability within five days, and to submit weekly reports on fund availability.
- All the above-mentioned information shall be submitted through the Reserve Management Directorate of this Bank.
- This Instruction enters into force immediately.
Luanda, 16 October 1992
THE GOVERNOR SEBASTIÃO BASTOS LAVRADOR