Angola | 2018.09.12
NEW LIMITS OF OVERALL FOREIGN EXCHANGE POSITION OF COMMERCIAL BANKS
On 15 August, the Central Bank of Angola (“BNA”) established new limits of the global foreign exchange position of commercial banks and the basis for its calculation, by means of Notice No. 6/18.
Angola | 2018.09.06
DEPOSIT GUARANTEE FUND CREATED
Through Presidential Decree No. 195/18, of 22 August 2018, the Deposit Guarantee Fund (“DGF”) was created and its Regulations were approved. The DGF aims to secure the reimbursement of deposits held with banking institutions domiciled in Angola up to the amount of AOA 12,500,000.00. These institutions are required to contribute to the DGF, pursuant to the terms to be set forth by a Notice of the National Bank of Angola and following an opinion from the DGF.
Angola | 2018.08.31
NEW REPORTING REQUIREMENTS FOR DETERMINATION OF THE FOREIGN EXCHANGE POSITION FOR BANKS
The Central Bank of Angola ("BNA") issued Directive No. 05/DSB/DRO/DMA/2018, of 20 August 2018, on the information to be submitted to determine the foreign exchange position of Commercial Banks.
Angola | 2018.07.26
The reserve requirements of banking financial institutions operating in Angola were regulated by means of BNA Instruction No. 10/2018, of 19 July 2018. This Instruction repealed Instruction No. 05/2018, of 25 May 2018, as well as all contradictory regulations. For the purposes of establishing the relevant reserve base, Instruction No. 5/18 will enter into force on 27 July 2018, while its requirements will be effectively enforced from 30 July 2018 onwards.
Angola | 2018.07.26
NEW FOREIGN EXCHANGE RULES ON IMPORTATION AND EXPORTATION OF GOODS
The Central Bank of Angola (“BNA”) established new rules and procedures applicable to the foreign exchange transactions for the settlement of the importation and exportation of goods, as per Order No.5/18. This Order was regulated by Instruction No. 09/2018 in order to establish limits for foreign exchange transactions involving the importation of goods.
Angola | 2018.07.18
PUBLIC DEBT LAW REGULATED
Presidential Decree No. 164/18, of 12 July 2018, enacted the Regulations on Law No. 1/14, of 6 February 2014, which in turn regulated the legal framework for direct and indirect public debt.
Cape Verde | 2018.07.05
FOREIGN EXCHANGE LIBERALIZATION
A new Foreign Exchange Law (Legislative Decree No. 3/2018, of 22 June 2018) was gazetted on 22 June 2018, thereby approving the new legal framework for the economic and financial operations with foreign countries and foreign exchange operations in Cape Verde.
Angola | 2018.07.02
NEW FOREIGN EXCHANGE RULES APPROVED
NEW LIMIT OF EXCHANGE TRANSACTIONS FOR FAMILY ALLOWANCE Through Instruction No. 06/18, of 19 June 2018, the monthly sale of foreign currency per beneficiary for family allowance was limited to EUR 1,000.00, and the monthly limit per sender shall not also exceed EUR 2,500.00. Expenses related to health and education are not subject to said limits when paid directly to the services providers. This Instruction shall enter into force on 1 July 2018.
Angola | 2018.06.28
NEW PRIVATE INVESTMENT LAW
A New Private Investment Law (Law no. 10/18, of 26 June 2018) was gazetted on 26 June 2018. The statute establishes new principles and rules aimed at facilitating, promoting and accelerating private investment operations in Angola, introducing significant changes in the legal framework applicable to private investment, as furher described in the document hereto attached.
Angola | 2018.06.12
NEW FEES CHARGED IN THE SECURITIES MARKET
Presidential Decree No. 139/18, of 4 June 2018, established the situations that cause the obligation to pay fees to the Capital Market Commission as consideration for the provision of services, such as registration fees, supervisory fees and the issuance of certificates and declarations. This Presidential Decree entered into force on 5 June 2018 and repealed Executive Decree No. 209/08, of 26 September 2008.