Regulatory Alerts2017-11-30
Instruction No. 05-2017 of 01 December on Exchange Rate Policy
The Governor of the Banco Nacional de Angola issued Instruction No. 05-2017 to revoke previous directives and align foreign exchange procedures with monetary policy objectives. The regulation mandates the immediate release of captive national currency funds held at the central bank and abolishes the requirement for such captive resources at commercial banks for foreign currency purchases. Furthermore, it restricts foreign exchange operations to clients with an active Tax Identification Number and subjects non-compliant financial institutions to legal penalties.
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