Instruction No. 3/92 on Exchange Rate Policy and Public Sale of Foreign Exchange

INSTRUCTION NO. 3/92

de July 20

Subject: EXCHANGE RATE POLICY

• Floating Exchange Rate Market

. Public Sale of Foreign Exchange

Considering that one of the main objectives of the Public Sale of Foreign Exchange system created by Instruction No. 1/92 of May 6, is to ensure that exchange operations reflect the real cost of foreign currency in terms of market equilibrium:

It is necessary to avoid undervaluation in the determination of the taxable value of import operations, in order to prevent tax reduction gains from becoming a factor in the artificial increase of exchange rates in public sale sessions;

In exercise of the competence established in subparagraph e) and subparagraph c) of Article 60 of the Organic Law in force,

I DETERMINE:

Article 1

The exchange rate to be considered for the issuance of the Prior Import Registration Form, referred to in point 4 of Article 9 of the aforementioned Instruction 1/92, shall be the weighted average rate of the winning bids determined in the respective public sale session.

Article 2

For the purposes of the preceding article, the National Bank of Angola will announce, before the closing of each session, the determined value for that rate, which will be considered for the issuance of the Prior Import Registration Form and the consequent application of customs duties.

Article 3

This Instruction enters into force immediately.

Luanda, on July 20, 1992

THE GOVERNOR

SEBASTIÃO BASTOS LAVRADOR