Regulatory Alerts2022-03-17
Notice No. 07/2022 of March 15 on Exchange Rate Policy: Specific Rules for Insurance and Reinsurance Payments to Oil and Gas Operators
The National Bank of Angola issued Notice No. 07/2022 to establish specific exchange rate rules for insurance and reinsurance payments involving oil and gas sector operators. The regulation mandates preferential settlement in the national currency for upstream and midstream energy contracts, with foreign currency permitted by mutual agreement, while requiring exclusive national currency settlement for non-energy contracts. It further simplifies financial intermediation processes, defines applicable sanctions under existing exchange rate and financial institution laws, and grants the National Bank of Angola authority to resolve interpretative doubts.
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