Notice 03/2009 (May 18) Definition of the Terms under Which Resident and Non-Resident Exchange Entities May Hold Accounts in Foreign Currency and National Currency

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NOTICE NO. 03/2009
Of May 18

Whereas it is necessary to define the terms and conditions under which resident and non-resident exchange entities may hold accounts in foreign currency and national currency, as provided for in paragraphs 1, 2, and 3 of Article 9 of Law No. 5/97 of June 27; In the exercise of the competence conferred upon me by paragraph 4 of Article 9 of Law No. 5/97 of June 27, combined with Article 58 of Law No. 6/97 of July 11, the National Bank of Angola Act, I DETERMINE:

ARTICLE 1.
(Exchange Residence)

1. In accordance with Article 4 of Law No. 5/97 of June 27, the Exchange Act, and for the purposes of this Notice, the following are considered resident in national territory:
   a) Natural persons who have their habitual residence in the country; b) Legal entities with their seat in the country; c) Branches, subsidiaries, agencies, or any other forms of representation in the country of legal entities with their seat abroad; d) Funds, institutes, and public bodies endowed with administrative and financial autonomy, with their seat in national territory; e) National citizens who are diplomats, consular representatives, or equivalent persons, exercising functions abroad, as well as members of their families; f) National natural persons whose absence abroad, for a period exceeding 90 days and less than 1 year, originates from study reasons or is determined by the exercise of public functions.

2. The following are considered non-resident:
   a) Natural persons with habitual residence abroad; b) Legal entities with their seat abroad; c) Natural persons who emigrate; d) Natural persons who leave the country for a period exceeding one year; e) Branches, subsidiaries, agencies, or any other forms of representation in foreign territory of legal entities with their seat in the country; f) Diplomats, consular representatives, or equivalent persons, acting in national territory, as well as members of their families.

3. The National Bank of Angola is responsible for deciding, in special cases, doubts regarding the status of resident or non-resident of a given entity.

ARTICLE 2.
(Accounts in Foreign Currency and National Currency)

1. Banking institutions domiciled in national territory, legally authorized to conduct foreign exchange business, may open current and time deposit accounts in foreign currency and national currency, in the name of resident and non-resident exchange entities, in accordance with the terms and conditions defined in this Notice.
2. For the purposes of the preceding paragraph, time accounts shall accrue interest at freely negotiated rates.
3. Banking institutions may remunerate current deposit accounts.

ARTICLE 3.
(Account Movements)
The movement of the accounts referred to in paragraph 1 of the preceding article must comply with the following regimes:

1. FOR NON-RESIDENT EXCHANGE ENTITIES
   a) Foreign Currency Account
   To Credit:

• By the importation of payment instruments from abroad;
• By the deposit of revenues derived from their activity in the country when expressly authorized by the National Bank of Angola;
• By negotiated interest.

To Debit:

• By the withdrawal or sale of foreign currency;
• By the payment of expenses to resident and non-resident entities;
• By the repatriation of values duly authorized by the National Bank of Angola.

b) National Currency Account
To Credit:

• By the sale of payment instruments from abroad, originating from the foreign currency account;
• By the deposit of revenues derived from their activity in the country when expressly authorized by the National Bank of Angola.
• By negotiated interest.

To Debit:

• By the withdrawal of cash
• By the payment of local expenses.

2. FOREIGN CURRENCY ACCOUNTS FOR RESIDENT EXCHANGE ENTITIES
   a) Natural Persons
   To Credit:

• By the deposit of foreign currency in cash or any instrument normally accepted in the international financial market and interest resulting from the application of these values.
  To Debit:
• By the withdrawal or sale of foreign currency.
• By the issuance of any instrument normally accepted in the international financial market, for the settlement of import operations of goods, current invisibles, and capital transactions carried out by the depositor themselves, in accordance with the prevailing exchange legislation.

b) Legal Entities
To Credit:
By the deposit of foreign currency in cash or any instrument normally accepted in the international financial market, resulting from the exercise of their activity, and interest that arises from the application of these values.

To Debit:
By carrying out operations provided that the provisions on regulations for goods, current invisibles, and capital transactions are respected.

• By the withdrawal or sale of foreign currency.

ARTICLE 4.
(Annulment of Type A and B Accounts)

1. Existing Type A accounts as of the date of entry into force of this Notice must be annulled, with their respective balances converted and credited to the non-resident foreign currency account.
2. Type B accounts assume the characteristics of national currency accounts for non-residents defined in this Notice.

ARTICLE 5.
(Accounts Held by State Bodies)

1. Banking institutions domiciled in national territory shall only open foreign currency accounts in the name of State Bodies, upon presentation of documentary proof of authorization by the Ministry of Finance.

ARTICLE 6.
(Complementary Provisions)

1. The issuance of checks for foreign currency accounts is not permitted.

2. The existence of debit balances in the foreign currency accounts of residents and non-residents, as well as in national currency accounts held by non-residents, is prohibited.

3. The transfer of values between the foreign currency accounts provided for in point 2 of Article 3 of this Notice is permitted.

4. The transfer of values between the foreign currency accounts of residents in favor of non-residents is prohibited without prior authorization from the National Bank of Angola.

5. It is incumbent upon banking institutions to fix the value for acceptance of opening the accounts referred to in this Notice.

ARTICLE 7.
(Proof of Residence)
The banking institution must require the documents deemed necessary to prove the exchange residence status of the account holder.

ARTICLE 8.
(Infringements)
Infringements of the provisions of this Notice are punishable, in accordance with the Exchange Act and the Financial Institutions Law.

ARTICLE 9.
(Revocation Clause)
All regulations contrary to this Notice are revoked, notably Notice No. 04/99 of May 21.

ARTICLE 10.
(Doubts and Omissions)
Doubts and omissions that arise in the interpretation and application of this Notice are resolved by the National Bank of Angola, through the Foreign Exchange Control Department.

ARTICLE 11.
(Entry into Force)
This Notice enters into force immediately.

PUBLISHED:
Luanda, May 18, 2009
THE GOVERNOR
ABRAHÃO PIO DOS SANTOS GOURGEL