Regulatory Alerts1996-04-17
Instruction No. 01/96: Public Sale of Foreign Exchange - Regulation of Notice No. 08/96 of April 17
The National Bank of Angola issued Instruction No. 01/96 to regulate the practical procedures for the public sale of foreign exchange established by Notice No. 08/96. The directive mandates that a National Commission oversee the auction process, establish minimum exchange rates and lot sizes, and enforce strict submission, ranking, and adjudication protocols for commercial banks and registered importers. It further stipulates that acquired foreign exchange must be used exclusively for merchandise imports, requires timely financial settlement within 72 hours, and imposes a 5% penalty on unutilized funds if import documentation is not submitted within ten business days.
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