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Angola companies can repatriate up to US$5M without Central Bank’s permit

Approximate reading time: 2 minutes

Foreign companies operating in the Republic of Angola are allowed to repatriate to their countries of origin up to USD 5 million from their incomes, which result from activities in Angola, without the permit of this country’s Central Bank (BNA).

This was announced last Thursday, in Luanda, by the governor of the National Bank of  Angola (BNA) – the country’s Central Bank – José de Lima Massano, at a press conference that served for the presentation of the assessment report on the implementation of the Macroeconomic Stabilisation Programme for the third quarter of the present year.

The BNA Governor revealed that despite the improvements recorded in foreign exchange operations involving business firms, commercial banks and the Central Bank, the BNA has been reviewing the norms with the aim of bringing about greater security in such operations.

He went on to explain that the BNA has been monitoring, with rigour, the activity of commercial banks in regard to how they make available foreign exchange for the economic agents.

Meanwhile, in the same press conference, Finance minister Archer Mangueira said that the government has been considering making some changes to the Customs Tariffs Chart that came into force last August, with the goal of protecting national production and stimulating exports.

On his turn, the State minister for Economic and Social Development, Manuel Nunes Júnior, reminded that between 2016 and 2017 the country recorded a recession with negative indexes of around two per cent.

For this year, he said, it is predicted a slight recovery of the Angolan economy with a negative index of about -0.1 or -1.1 per cent, while for 2019 it is predicted a better recovery and a growth of 2.8 per cent.

Source: Angop

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