Instruction No. 08/2018 of June 19 on Exchange Policy: Temporary Suspension of Licensing for Import Operations

INSTRUCTION NO. 08/2018 of June 19 SUBJECT: EXCHANGE POLICY

• Temporary Suspension of Licensing for Import Operations of Goods

Considering that the limited availability of foreign currency resources in recent years has resulted in the accumulation of import operations of goods awaiting exchange coverage and payment to foreign suppliers.

Given the need to temporarily suspend the obligation to license certain import operations of goods with a payment term exceeding 360 (three hundred and sixty) days after the date of discharge.

Given that the National Bank of Angola (BNA) has established a schedule for the regularization of the aforementioned delays.

In the exercise of the competence conferred upon me under the combined provisions of paragraph 2 of Article 28 of Law No. 5/97 of June 27 - Exchange Law, and Articles 40 and 51, both of Law No. 16/10 of July 15 - Law of the National Bank of Angola.

I DETERMINE:

1. Object This Instruction establishes the period of suspension of the need for the BNA to license import operations of goods awaiting settlement, with customs clearance documents dated after January 1, 2015.

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2. Scope This Instruction must be observed by all parties involved in the execution of exchange operations for the import and export of goods occurring in the Republic of Angola, in accordance with current regulations.

3. Suspension of Licensing for Import Operations of Goods 3.1. The requirement for licensing by the BNA of import operations of goods awaiting settlement, with customs clearance documents dated after January 1, 2015, is temporarily suspended. 3.2. Exchange operations intended for the settlement of goods from abroad, with a discharge date prior to that stipulated in the previous point, remain subject to BNA licensing, in accordance with regulations on capital operations. 3.3. Contracts that provide for payment of goods with a term exceeding 3 (three) years after the date of discharge of the goods must also be treated in accordance with capital regulations.

4. Transitional Provision This Instruction shall be in effect for a period of 3 (three) months, counted from the date of its publication.

5. Sanctions Non-compliance with the provisions of this Instruction constitutes offenses provided for and punishable under Law No. 5/97 of June 27 - Exchange Law, and Law No. 12/15 of June 17 – Law of the Bases of Financial Institutions.

6. Doubts and Omissions Doubts and omissions arising in the interpretation and application of this Instruction are clarified by the National Bank of Angola.

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7. Entry into Force This Instruction enters into force immediately.

PUBLISH. Luanda, June 19, 2018.

THE GOVERNOR JOSÉ DE LIMA MASSANO