Regulatory Alerts1992-07-20
Instruction No. 3/92 on Exchange Rate Policy and Public Sale of Foreign Exchange
The Governor of the National Bank of Angola mandates that the exchange rate for issuing the Prior Import Registration Form must be calculated as the weighted average of winning bids from public foreign exchange sales. This directive requires the central bank to announce the finalized rate before each session closes to ensure accurate customs tax assessment and prevent artificial exchange rate inflation driven by tax incentives. The regulation takes immediate effect upon publication.
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