Regulatory Alerts1997-01-01
Directive No. 5/DSB/1997 on Foreign Exchange Import Operations
The Banco Nacional de Angola's Directorate of Banking Supervision and Directorate of Current Transactions issued Directive No. 5/DSB/1997 to standardize foreign exchange procedures for imports in 1997. The directive mandates that untraded foreign exchange acquired by banks must be transferred to the central bank within 48 hours, while payments under USD 30,000 require a 60-day document submission commitment from importers. Banks are held responsible for enforcing these rules, reporting non-compliant agents weekly, and rejecting proforma invoices older than 30 days to ensure strict adherence to the Foreign Exchange Law.
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