Regulatory Alerts1993-11-16
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Notice No. 11/93 of 16 December
The Governor of the National Bank of Angola issued Notice No. 11/93 to clarify the regulatory framework governing commercial banks' foreign exchange transactions at free market rates. The notice authorizes commercial banks to purchase and sell foreign currency against New Kwanzas, encompassing physical currency, travel cheques, and deposits held by both residents and non-residents. Banks must account for the variance between the official fixed exchange rate and actual market rates as income or expenses, with compliance monitored by the Banking Supervision and Reserve Management Directorates.
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