Regulatory Alerts2019-07-04
Directive No. 06-DCC-DMA-2019, of July 5
The Bank of Angola issues this directive to establish criteria and conditions for allocating limits on Documentary Credits for Imports through monthly quantity auctions. Commercial banks must participate by demonstrating prior issuance exceeding 50% of their previous limit, prioritizing equipment and raw materials, and adhering to a minimum 60-day settlement period from the Bill of Lading date. The regulation prohibits offshore trading company beneficiaries, commits the central bank to selling foreign currency at spot rates for advances and remaining balances, and takes effect on August 1, 2019.
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