Regulatory Alerts1991-10-15
Notice No. 03/91 of October 16
The Bank of Angola issued Notice No. 03/91 to delegate foreign exchange licensing and operational authority to authorized financial institutions, effectively separating commercial banking activities from central bank functions. The directive mandates that all foreign exchange settlements, including previously licensed transactions, require prior approval from the Foreign Exchange Management Commission until pending external commitments are resolved. It further establishes coverage guarantees, position limits, and regulatory frameworks for invisible and merchandise transactions while reserving state budget-funded settlements exclusively for the Central Bank.
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