Regulatory Alerts2020-12-22
Forward Exchange Policy Notice No. 22/2020 of December 23
The Banco Nacional de Angola issues Notice No. 22/2020 to establish the criteria and procedures for commercial banks contracting forward exchange operations with corporate clients, importers, exporters, oil and diamond companies, and state entities. The regulation mandates that these operations, which must have a maximum term of one year and involve freely convertible currencies, be formalized through a standardized contract model with specific general and particular conditions, including confirmation via the FXGO platform or physical documentation. Non-compliance triggers penalties under existing exchange and financial institution laws, while the contract framework outlines clear settlement obligations, early maturity triggers, cancellation calculations, and dispute resolution mechanisms governed by Angolan law.