Regulatory Alerts1991-10-03
Instruction No. 01/91 on Exchange Policy Regarding Foreign Currency Deposits for Non-Residents
The National Bank of Angola issued Instruction No. 01/91 to regulate foreign currency deposits held by non-residents at commercial banks, aiming to standardize account operations and safeguard the national currency's value. The directive permits commercial banks to open demand or fixed-term foreign currency accounts for non-residents at international market rates, allowing deposits without prior Central Bank approval unless the funds originate from the central bank itself. Furthermore, it mandates daily reporting of foreign account balances, requires these funds to be ring-fenced abroad separate from routine exchange operations, and reserves the central bank's authority to impose minimum foreign exchange pass-through percentages.
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