Regulatory Alerts1996-07-29
Notice No. 12/96 of July 29
The Banco Nacional de Angola issued Notice No. 12/96 on July 29, 1996, to regulate foreign currency accounts for resident and non-resident entities within legally established financial institutions. The notice authorizes commercial banks to open demand and time foreign currency accounts without prior central bank approval, specifies competitive international interest rates, and defines detailed credit and debit movement regimes for individual, corporate, and non-governmental accounts. It mandates that 70 percent of deposits be retained abroad while permitting banks to utilize the remaining 30 percent, establishes documentation and minimum balance requirements, prohibits specific account-to-account transfers and debit balances for certain accounts, and immediately revokes conflicting prior regulations.