Regulatory Alerts1991-11-05
Instruction No. 07/91: Exchange Rate Policy – Floating Exchange Rate Market Regulation
The National Bank of Angola issued Instruction No. 07/91 to establish the regulatory framework for the newly created Floating Exchange Rate Market, replacing administered rates with freely negotiated ones. The regulation mandates that accredited banking and non-banking institutions conduct all foreign currency purchases and sales exclusively through designated forms, maintain strict daily reporting and zero short positions, and adhere to defined transaction limits for travelers and corporate clients. It further outlines accounting standards for separating floating-rate operations, prohibits using exchange sales for savings or resource mobilization, and enforces compliance through penalties and accreditation revocation.
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