Regulatory Alerts1993-11-15
Notice No. 15/1993 of November 16
The National Bank of Angola issued Notice No. 15/93 to harmonize foreign exchange regulations and align them with recent market developments. The notice reduces the mandatory minimum foreign currency reserve requirement for commercial banks to 70%, permitting the remaining 30% to be deployed in normal operations at the banks' sole risk without central bank exchange coverage. It also requires daily reporting of resident, non-resident, and overseas deposit positions to the Directorate of Reserve Management and clarifies that previous mandatory pass-through rules will only apply to deposits attracted after the new directive takes effect.
Share