Regulatory Alerts1994-04-20
Instruction No. 6/94: Exchange Rate Policy - Floating Exchange Rate Regime and Accounting of Operations
The National Bank of Angola issues Instruction No. 6/94 to mandate the monthly adjustment of foreign currency balances for financial institutions using Central Bank rates for trial balances and financial statements. The directive specifies that exchange rate differences must be posted as debits or credits to equity accounts to align national currency valuations with converted foreign currency balances, with corresponding entries recorded in designated revenue or expense accounts. Additionally, it authorizes operating financial institutions to centralize exchange operation accounting at the national or regional level, requiring daily branch movements to be incorporated into the central entity's books on the same day they occur.
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