africa Angola Banking Currency Economy Finance

Sale of foreign currency in Angola has new rules

Approximate reading time: 2 minutes

Foreign exchange offices and payment service companies that intermediate cash remittances should, whenever they wish to buy foreign currency, put in a request to the banks with which they have commercial relations, the National Bank of Angola has instructed.

Instruction no. 15/2018, dated 19 November, of the National Bank of Angola (BNA), also establishes that the total requested amount per week by each of those entities to commercial banks should not exceed their own funds.

“The BNA sells foreign currency to commercial banks in accordance with the provisions of the Instruction that governs the procedures of the auctions, and commercial banks must assign the foreign currency to their clients, exchange offices and remittance companies, on the same terms as to their other clients reflected in the needs map,” the document said.

As regards the conditions of sale by banks to exchange offices and remittance companies, they may only make foreign currency available in physical notes to the exchange offices and must, at the time of sale, debit the national currency account of those institutions against delivery of physical notes.

Banks may only make currency available to remittance companies, which can only be used for transfer to their foreign counterparts with which they work, to cover remittances executed at the request of their clients.

In the sale of foreign currency to bureaux de change and remittance companies, banks may charge a margin of up to 2.0% on the reference exchange rate published on the institutional website of the National Bank of Angola.

Source: Macauhub

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