Instruction No. 8/92: Exchange Policy - Foreign Exchange Management

INSTRUCTION NO. 8/92
SUBJECT: EXCHANGE POLICY
Foreign Exchange Management

Given the urgent need to establish control mechanisms by the Central Bank to fully fulfill its role in the management of the country's foreign exchange; In exercise of the competence conferred upon me by the Organic Law of the National Bank of Angola; I HEREBY DETERMINE:

All financial institutions shall be strictly obliged to comply with the following provisions:

1. To deposit with the Central Bank all revenues resulting from exports by national companies, including those that, on this date, may already be credited to their accounts abroad, and likewise the amounts for payment of taxes and duties resulting from foreign exchange imports by foreign companies.
2. To monthly remit to the Central Bank a statement of the balances of the DO/ME accounts opened at their counters or in specific accounts maintained abroad, as well as of the registration accounts resulting from the purchase of foreign exchange.
3. To provide information on their own and future fund availability within five days, and to submit weekly reports on fund availability.
4. All the above-mentioned information shall be submitted through the Reserve Management Directorate of this Bank.
5. This Instruction enters into force immediately.

Luanda, 16 October 1992

THE GOVERNOR
SEBASTIÃO BASTOS LAVRADOR