Regulatory Alerts2018-12-10
Regulatory Instruction No. 21/2018 – Extension of Temporary Suspension of Licensing for Foreign Exchange Operations on Goods Imports
The National Bank of Angola extends the temporary suspension of prior licensing for goods import operations that remain unsettled more than 360 days after customs unloading clearance. Banking financial institutions must verify the legitimacy of these operations through supporting documentation before settlement, and this exemption remains valid until December 31, 2019. Non-compliance constitutes a punishable offense under the Foreign Exchange Law and Financial Institutions Bases Law, with all interpretation disputes resolved by the Bank.
REGULATORY INSTRUCTION NO. 21/2018 of December 11 SUBJECT: FOREIGN EXCHANGE POLICY
- Extension of the Temporary Suspension of Licensing for Foreign Exchange Operations on Goods Imports Considering the need to extend the term of the temporary suspension of the licensing obligation by the National Bank of Angola for operations on goods imports that remain to be settled 360 (three hundred and sixty) days after the date of customs clearance for unloading; In exercise of the powers conferred upon me under the combined provisions of paragraph 2 of Article 28 of Law No. 5/97, dated June 27 - Foreign Exchange Law, and of Articles 40 and 51, both of Law No. 16/10, dated July 15 - Law of the National Bank of Angola. I HEREBY DETERMINE:
- Term of the Temporary Suspension of the Licensing Obligation 1.1. Goods import operations awaiting settlement, whose customs clearance for unloading is more than 360 (three hundred and sixty) days old, are exempt from prior licensing by the National Bank of Angola, as provided in Article 5 of Notice No. 05/18, dated July 17. 1.2. Banking financial institutions must verify the legitimacy of operations, through verification of supporting documentation prior to their settlement.
CONTINUATION OF REGULATORY INSTRUCTION NO. 21/2018 Page 2 of 2 1.3. The provisions established in paragraph 1 of this Instruction remain valid until December 31, 2019. 1.4. Prior licensing by the National Bank of Angola, under Decree No. 23/98 dated July 24 regulating capital operations, applies to loan and other credit contracts concluded between foreign suppliers and goods importers. 2. Sanctions Non-compliance with the provisions of this Instruction constitutes an offense provided for and punishable, under Law No. 5/97 dated June 27 - Foreign Exchange Law and Law No. 12/15, dated June 17 – Law of the Bases of Financial Institutions. 3. Doubts and Omissions Doubts arising from the interpretation and application of this Instruction are resolved by the National Bank of Angola. 4. Entry into Force This Instruction enters into force on the date of its publication. LET IT BE PUBLISHED. Luanda, December 11, 2018.