Instruction No. 01/91 on Exchange Policy Regarding Foreign Currency Deposits for Non-Residents

INSTRUCTION No. 01/91
SUBJECT: EXCHANGE POLICY

• FOREIGN CURRENCY DEPOSITS
• NON-RESIDENTS
  Considering the need to specify the criteria that will guide the treatment to be granted to foreign currency deposits of non-residents with commercial banks, in order to ensure the normal operation of these accounts and to preserve the good reputation of the aforementioned banks within the international financial community; The convenience of equipping the Central Bank with mechanisms that ensure full knowledge and control over the country's external assets, so as to allocate them in a manner that best meets the objective of preserving the internal and external value of the national currency; In exercise of the competence conferred upon me by the Organic Law of the National Bank of Angola, I HEREBY DETERMINE:
  Article 1

1. Commercial banks authorized to conduct exchange operations may open foreign currency deposit accounts in the name of non-residents, payable on demand or for a fixed term.
2. The accounts referred to in the preceding paragraph shall accrue interest at rates compatible with those practiced in the international financial market, respecting the depositary bank's "spread".
   Article 2
3. The opening and operation of foreign currency deposit accounts in the name of non-residents may be carried out without prior authorization from the Central Bank, provided that the deposited funds do not originate from withdrawals from the National Bank of Angola.
4. Deposits made with funds withdrawn from the National Bank of Angola are subject to prior consultation with this Bank, which shall respond within a period of 8 (eight)
   Article 3
   Commercial banks shall maintain in specific accounts abroad the funds raised through the aforementioned deposits, such that these accounts do not admit any other type of transaction, nor have their balances encumbered in the settlement of common exchange operations (goods, current invisibles, or capital), which they may carry out through delegated competence or under licensing.

Article 4
Daily, commercial banks shall send or transmit via Telefax to the Central Bank, through the Reserve Management Directorate, a statement of the balances maintained abroad in the accounts referred to in Article 3.
Article 5
The Central Bank may require, whenever necessary, a minimum percentage pass-through of the foreign exchange received in those accounts, which may apply to specific accounts as well as to the global or per-currency position held by the commercial bank.
Article 6
This Instruction enters into force immediately.
PUBLISH
Luanda, on October 4, 1991.
THE GOVERNOR
Fernando Alberto da Graça Teixeira