Regulatory Alerts2023-02-09
Notice No. 02/2023 of February 9
The National Bank of Angola, through Governor José de Lima Massano, issued Notice No. 02/2023 to establish a unified foreign exchange regime for the mining sector, mandating that mineral exports be settled in freely convertible foreign currency while allowing domestic transactions to occur exclusively in national currency. The regulation defines eligible mining entities, external investors, and financial institutions, specifying that export revenues must be deposited in foreign currency accounts either domestically or abroad without prior central bank authorization. Furthermore, it streamlines cross-border financing, profit repatriation, and foreign currency sales by exempting qualifying transactions from central bank approval and repealing the previous 2020 notice to enhance sector competitiveness and attract direct investment.