Published in furtherafrica.com
The National Bank of Angola passed four Notices, with the purpose of ensuring transparency and stability of the foreign exchange market, protecting consumers of financial goods and services and enhancing the process of normalization of the foreign exchange market.
Notice 11/2019, of November 26th:
- Establishes maximum limits to charges and costs of transactions in foreign currency, that are applied in some operations, and defines the currency of those charges.
- Entered into force on November 26th, 2019.
- The following regulations are to be highlighted:
- The levying of any charges or costs in foreign currency operations, that are not foreseen in this Notice, is not permitted.
- Only charges and costs that are referred in this Notice in foreign currency can be calculated based on such currency; other charges or costs must be demonstrated in price lists and levied in Kwanzas and cannot be indexed to any foreign currency.
- Purchases or payments with credit card will have a maximum charge of 3% per each transaction.
- The sale of notes in foreign currency will have a maximum charge of 2 Euros per each transaction.
- The sale of foreign currency will have a maximum charge of 0,25% per each transaction.
Notice 12/2019, of December 2nd:
- Establishes rules and proceedings that must be observed in any foreign exchange operations by natural persons, namely, operations performed by foreign exchange residents, and non-foreign exchange residents under a work visa.
- Entered into force on January 3rd, 2020.
The following regulations are highlighted: - Private operations performed in one civil year by foreign exchange residents cannot exceed the amount of USD 120.000,00, when ordered by the same person, regardless of the payment instrument used.
- The limit above mentioned does not apply to:
- Payments regarding health, education and accommodation expenses, when paid directly to the provider of those services.
- Transfer of amounts accumulated by non-foreign exchange residents, during their stay in Angola, after their stay has ceased.
Non foreign exchange residents may purchase foreign currency and transfer it to outside of Angolan territory, the amounts legally earned due to their employment contract, when deposited by the foreign exchange resident contracting entity, in a bank account held by a non-foreign exchange resident.
Notice 13/2019, of December 2nd:
- Establishes the proceedings that must be observed in operations for sale of foreign currency, in relation to the Oil & Gas sector, performed by the National Concessionaire and Angolan/foreign investor companies, regardless of their status, to liquidate goods and services supplied by foreign exchange residents.
- Entered into force on January 2nd, 2020.
- The following regulations are highlighted:
- Companies must sell foreign currency to liquidate goods and services provided by foreign exchange residents, to Commercial Banks.
- The exchange rate to be applied in operations for sale of foreign currency, is freely agreed by the parties.
Notice 14/2019, of December 2nd:
- Establishes the limits of Commercial Banks’ foreign exchange global position and its calculation basis.
- Entered into force on January 2nd, 2020.
- The following regulations are highlighted:
- Banks must daily observe a foreign exchange global position that does not exceed 2,5% of their own regulatory funds.
- The foreign exchange position is defined in USD.
- Banks that register a foreign exchange position that does not comply with the limits established in this Notice will be unable to sell foreign currency to their clients, until their foreign exchange global position complies with those limits.
Published by Luís Trigo Carrazedo