africa Angola Banking Economy Finance

Angola Central Bank sets rules for foreign exchange operations

Approximate reading time: 2 minutes

The Central Bank of Angola has set rules and procedures to be observed in the execution of foreign exchange transactions intended for the reception of export revenues and re-exports of goods in the Republic of Angola.

This fact is  stated in the State Gazette of June 28, to which Angop today had access in Luanda, stating that the settlement of export and re-export operations may only be carried out through a banking financial institution duly authorized to operate in the country.

The document reads that the Central Bank of Angola (BNA) warns that the intermediation and settlement of a single export or re-export of goods by more than one banking financial institution is out of order.

The rules set are aimed to adjust the regulations governing the foreign exchange operations of merchandise exports in the macroeconomic context, including natural or legal persons, exchange residents, holders of rights and obligations, banking financial institutions operating in Angola And intermediaries in said operations.

To execute foreign exchange transactions related to the exportation of goods, considering the stability of the respective foreign exchange position, BNA authorizes the banking financial institutions to guarantee to the exporting entities the availability of foreign currency to carry out their operations.

The banking note says that the total foreign currency income resulting from each export operation carried out must be deposited in a bank account in foreign currency, titled by the exporting entity, opened at a banking institution in Angola.

Source: Angop


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