Regulatory Alerts2012-04-12
Notice No. 11/2012 of April 12
The Bank of Angola issued Notice No. 11/2012 to establish foreign exchange procedures and a gradual implementation schedule for oil sector operations under Law No. 2/12 of January 13, 2012. The regulation mandates that the National Concessionaire and investor companies deposit foreign currency values in specific domestic accounts by May 2013, while all goods and services supplies must be settled through national or foreign currency accounts starting October 2012, with mandatory national currency settlement for resident entities by July 2013. Furthermore, the Operator must register all foreign exchange transactions in the SINOC system and submit monthly and quarterly electronic reports detailing guarantee account flows, external investments, and active supply contracts to the Foreign Exchange Control Department.