africa Angola Banking Currency Economy Finance

Angola’s central bank revises limits on foreign exchange purchases by travellers

Approximate reading time: 1 minute

Residents in Angola over 18 years of age who intend to travel can purchase foreign currency from commercial banks up to the equivalent of 8,000 euros per trip, according to a recommendation from the National Bank of Angola.

Residents must have domiciled income, and the central bank has indicated that banks must ensure accuracy in compliance with Know Your Customer and Customer Due Diligence procedures and customer identification and analysis duties.

The central bank also recommended the preferential use of international payment cards for the coverage of expenses abroad, but nevertheless called attention to the annual overall limits for foreign exchange operations of a particular nature.

Before this directive was issued, residents could only buy the equivalent of 500 euros per month and 4,500 euros per year, due to the currency crisis that affected the country from the second half of 2014, as a result of the fall in the price of oil on the international market.

Source: Macauhub

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