Notice No. 12/96 of July 29

NOTICE NO. 12/96
Of July 29
Whereas Law No. 9/88, in paragraph c) of paragraph 2 of Article 6 dated June 4, defines as a foreign exchange operation the opening or movement of foreign accounts or domestic accounts denominated in foreign currency; Whereas the same Law No. 1 of its Articles 18 and 19 stipulates that only with the authorization of the Banco Nacional de Angola may foreign currency accounts be opened and operated by both resident and non-resident exchange entities, within Financial Institutions legally established in national territory; Considering the need to specify the criteria guiding the treatment to be granted to these deposits; Taking into account the advantage for all stakeholders in consolidating in a single instrument regulatory norms governing these operations; In the exercise of the competence attributed to me by Article 60 of the Organic Law of the Banco Nacional de Angola; I HEREBY DETERMINE:

Article 1
1- Commercial Banks authorized to conduct foreign exchange operations may open without prior authorization from the BNA deposit accounts, either demand or time deposits in foreign currency, in the names of resident and non-resident exchange entities. 2- Time accounts referred to in the preceding paragraph shall accrue interest at rates comparable to those applied in the international financial market, respecting the "Spread" of the depositary bank. Demand accounts may accrue interest according to what is adopted by each Commercial Bank. 3- The opening of accounts denominated in national currency held by non-residents is considered a foreign exchange operation and requires prior authorization from the Banco Nacional de Angola.

Article 2
The opening and authorization of accounts, authorized based on paragraph 1 of Article 1 of this Notice, shall comply with the following movement regimes:
1- FOR NON-RESIDENT EXCHANGE ENTITIES a) – Foreign Currency Account In Credit

• Through the importation of payment instruments from abroad.
• By depositing purchases of payment instruments from abroad acquired by
  debit to the demand or time deposit account denominated in national currency of non-residents. In Debit
• Through the sale of foreign currency.
• By paying expenses for resident and non-resident entities.
• Through the repatriation of all or part of the existing credit balance.
  b) – National Currency Account b1)- Type A Account In Credit
• Exclusively through the sale of payment instruments to abroad.
• By depositing revenues from their domestic activity when
  expressly authorized by the BNA.
  In Debit
• Through the issuance of checks for local expense payments.
• By purchasing payment instruments to abroad.
  b2) – Type B Account
  In Credit
• By depositing revenues from their domestic activity with resident entities
  when expressly authorized by the BNA.

In Debit

• Through the issuance of checks for local expense payments:
  2- FOR RESIDENT EXCHANGE ENTITIES a) – Individual Legal Entities In Credit
• Through the delivery of foreign currency in cash, travel checks, payment orders
  from abroad, and interest resulting from the application of these values. In Debit
• By conversion to national currency and by issuing any instrument
  normally accepted in the international financial market, for settling import operations of goods, current and capital invisibles transactions carried out by the depositor themselves in accordance with prevailing foreign exchange legislation. b)- Collective Legal Entities In Credit
• By depositing checks and other foreign currency values resulting from the
  exercise of their activity.
  In Debit
• By carrying out operations provided that the principles stipulated in the
  law regarding the licensing of goods, invisibles and capital are respected.
• By selling foreign exchange to Commercial Banks, against national currency.
  b) – Non-Governmental Organizations
  In Credit
• By depositing checks and other values demonstrably resulting from
  donations and sponsorships.
  In Debit
• For paying expenses to non-resident exchange entities related to their
  activity.
• By selling foreign exchange to Commercial Banks.

Article 3
The authorization referred to in paragraph 3 of Article 1 is granted on a case-by-case basis through a reasoned request from the interested parties, to be submitted to one of the Commercial Banks of their choice.
Article 4
Commercial Banks shall only open foreign currency accounts in the name of State Organizations upon presentation of the document certifying authorization from the Ministry of Economy and Finance.
Article 5
1- The transfer of funds from account to account is expressly prohibited when dealing with movements of the accounts provided for in paragraph 2 of Article 2. 2- The issuance of checkbooks for foreign currency accounts is not permitted, nor are debit balances allowed in national currency accounts held by residents and foreign currency accounts held by non-residents.
Article 6
1- Financial institutions are responsible for setting any minimum value for accepting the opening of the accounts covered by this Notice. 2- The depositary credit institution shall require documents it deems necessary to prove the holder's residence in national territory.
Article 7
1- The minimum value to be maintained abroad in special accounts is 70% of the deposits in foreign currency. 2- The excess margin of 30% may be used by Banks in their normal operations at their own risk and without coverage guarantees from the Central Bank.
Article 8
Daily, Commercial Banks shall transmit to the Central Bank through the Banking Supervision Directorate the statement of balances maintained abroad, in the aforementioned accounts.
Article 9
All regulations contrary to this Notice are hereby revoked.

Article 10
This Notice enters into force immediately.
PUBLISHED:
Luanda, July 29, 1996
THE GOVERNOR
SEBASTIÃO BASTOS LAVRADOR