Regulatory Alerts1995-06-23
Instruction No. 02/95: Monetary Adjustment
The National Bank of Angola issued Instruction No. 02/95 to implement a monetary adjustment effective July 1, 1995, redefining the national currency unit as the Reajustado Kwanza (KZR), equivalent to 1,000 New Kwanzas. Financial institutions and authorized entities must convert all deposit and loan portfolios, collectible values, and ledger balances to KZR using downward rounding, with fractional amounts recorded in a newly created account. The directive mandates that all New Kwanza-denominated financial instruments presented until August 29, 1995 be accepted at the established equivalence, while subsequent submissions require explicit Governor authorization, with detailed execution rules to be issued by the Banking Supervision Directorate.