Notice No. 2/92 of April 3, 1992

NOTICE No. 2/92 of April 3 Law No. 9/88 of July 2, in its Article 18(1) and Article 19, stipulates that deposit accounts held by non-residents at financial institutions legally established in national territory may only be opened and operated with prior authorization from the Banco Nacional de Angola. In these terms and using the competence conferred upon me by Article 60 of the Organic Law of the Banco Nacional de Angola, I HEREBY DETERMINE: ARTICLE 1 This Notice applies to demand or time deposit accounts opened in the books of financial institutions legally established in national territory and held by non-residents, as defined in Article 10(2) of Law No. 9/88 of July 2. ARTICLE 2

1. The opening of accounts denominated in national currency or foreign exchange requires prior authorization from the Banco Nacional de Angola.
2. Foreign currency deposit accounts held by non-residents are subject to the regime already established by the Banco Nacional de Angola.
3. The issuance of checkbooks for accounts denominated in foreign currency is not permitted. ARTICLE 3 In addition to the documents normally required for account opening, their establishment is conditional upon the presentation of the prior authorization referred to in Article 2(1). ARTICLE 4 The opening and operation of demand or time deposit accounts denominated in national currency and held by non-residents may only occur under the following recording regime: a) To the credit: i) through the sale of payment instruments to the exterior; ii) through the deposit of revenues derived from their activity in the country when expressly authorized by the Banco Nacional de Angola; b) To the debit: i) through the issuance of checks for the payment of local expenses; ii) through the purchase of payment instruments to the exterior. ARTICLE 5 Demand or time deposit accounts denominated in foreign currency and held by non-residents are subject, upon opening and operation, to the following recording regime: a) To the credit: i) through the importation of payment instruments from the exterior; ii) through the deposit of payment instruments acquired under Article 4(b)(ii). b) To the debit: i) through the sale of foreign currency; ii) through the repatriation of the entire or part of the existing credit balance. ARTICLE 6 The existence of debit balances in the accounts referred to in this Notice is not permitted. ARTICLE 7 The authorization referred to in Article 2(1) is granted on a case-by-case basis upon an express and justified application by the interested parties, to be submitted to the commercial bank of their choice. ARTICLE 8 This Notice enters into force immediately. PUBLISHED Luanda, April 3, 1992