Banco Nacional de Angola Notice No. 03/2010 on Foreign Exchange Policy

BANCO NACIONAL DE ANGOLA

NOTICE NO. 03/2010 of November 3, 2010

OFFICE OF THE GOVERNOR

SUBJECT: FOREIGN EXCHANGE POLICY

Whereas it is necessary to amend the reporting frequency regarding the import, export, and re-export of foreign banknotes and coins, as well as travel cheques, as established in Notice No. 11/99 of May 21, particularly Article 2 thereof;

In the exercise of the authority vested in me by Article 40 of Law No. 16/10 of July 15;

I HEREBY DETERMINE:

1. Article 2 of Notice No. 11/99 of May 21 shall henceforth read as follows:

Article 2 (Competence)

1. Banking institutions are authorized, within the scope of their corporate objects, to import foreign banknotes and coins, as well as travel cheques, without prior authorization from the Banco Nacional de Angola, provided that the institution reports weekly to the Department of Supervision of Financial Institutions (DSI) the amount of operations conducted during the period.

2. The export or re-export of foreign banknotes and coins, as well as travel cheques, by banking institutions, shall be subject to prior case-by-case authorization from the Governor of the Banco Nacional de Angola, who may delegate such competence to the Foreign Exchange Control Department (DCC).

---

BANCO NACIONAL DE ANGOLA

OFFICE OF THE GOVERNOR

Article 3 Revocation

Article No. 2 of Notice No. 11/99 of May 21 is hereby revoked.

Article 4 Entry into Force

This Notice enters into force immediately.

PUBLISHED:

Luanda, November 3, 2010

THE GOVERNOR

(Signature)

JOSÉ DE LIMA MASSANO