Regulatory Alerts2014-10-08
Notice No. 07/2014 of October 8, 2014: Sale of Foreign Currency
The Governor of the Bank of Angola issued Notice No. 07/2014 to regulate foreign currency sales by national concessionaires, investors, and oil operators under the legal framework governing the petroleum sector. The notice mandates that foreign currency for tax payments and resident supplier settlements be sold to the Bank of Angola at the published primary market reference rate, with specific settlement timelines and reporting obligations. Transitional provisions allow existing tripartite contracts to remain valid under defined exchange rate spreads, with violations subject to penalties under the Foreign Exchange Law.
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