Through Order No. 4/21, of 14 April 2021, which will enter into force on 14 May 2021, the BNA established the rules and procedures to be observed when carrying out foreign exchange transactions for the settlement of the importation and exportation of goods in the Republic of Angola, expressly repealing Order Nos. 5/18, of 17 July 2018, and 1/20, of 9 January 2020, and Instruction No. 17/20, of 15 October 2020.
The Order is not applicable to entities covered by the special foreign exchange regimes for the oil and diamond sectors.
The operations covered by the Order are exempt from licensing by the BNA, and banking financial institutions may settle, without BNA authorization, any operation involving the importation of goods, regardless of the time elapsed between the date of the unloading of the goods and the relevant payment.
The Order also expressly states that banks are required to comply with the duties provided for in the Law on Preventing and Combating Money-Laundering, the Financing of Terrorism, and the Proliferation of Weapons of Mass Destruction, prior to carrying out any foreign exchange operation.
All foreign exchange transactions carried out under the Order must be registered with SINOC, at the moment of their contracting.
The Order determines which payment methods are permitted in the case of the importation of goods and which documents must be submitted to the relevant commercial bank. Also established are mechanisms to control the entry of goods into the country in the event of advance payments, and the requirement that importers, who are also exporters, use foreign currency derived from exports to pay for imports.
In addition, the Order determines which payment methods must be used in the case of the exportation of goods, and the obligation of the intermediary banking financial institution to issue a payment-commitment statement. All export revenues must be transferred to the exporter’s foreign currency account, opened with a Banking Financial Institution domiciled in the country.
Finally, the Order sets out the rules for the payment of compensation for irregular exportations.
For more information on this Banking Alert please contact: