Regulatory Alerts1992-05-05
Instruction No. 1/92 of May 6, 1992
The Banco Nacional de Angola issued Instruction No. 1/92 to establish a Public Foreign Exchange Sales System for importing goods, replacing direct allocations with a market-based auction mechanism. The directive mandates that Angolan companies submit sealed purchase proposals ranked by descending price, with sales conducted in USD 5,000 lots and governed by provincial and national commissions overseeing minimum exchange rates and transparent procedures. Winning firms must use the acquired currency exclusively for goods imports, submit pro-forma invoices within 20 days, and provide prior import registration for transactions over USD 10,000 to maintain compliance and future eligibility.
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