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2019-10-24

Directive No. 03-DCC-2019, dated October 25

The Foreign Exchange Control Department shortens the settlement period for goods imported via letters of credit under Quantity Auctions, requiring commercial banks to report settlement needs and list the letter of credit number on the requirements schedule upon submission of entry documents. This measure applies to all Quantity Auctions conducted prior to its issuance and formally revokes clauses 6 and 8 of Directive No. 03/DCC/2018. The directive takes immediate effect to streamline foreign exchange operations for imported goods.

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GOVERNOR DIRECTIVE NO. 03/DCC/2019 ORIGIN: Foreign Exchange Control Department (DCC)

DATE 25/10/2019 SUBJECT: Settlement of Letters of Credit under Quantity Auctions Given the need to shorten the settlement period for goods imported via letters of credit, under Quantity Auctions; This Directive serves to establish the following:

  1. Without prejudice to compliance with Directive No. 03/DCC/2018, dated October 26, commercial banks must report the settlement requirements for letters of credit opened under Quantity Auctions as soon as the supporting documents proving the entry of goods into national territory are submitted.
  2. The letter of credit number must be indicated in the designated field on the requirements schedule.
  3. This measure applies to all Quantity Auctions conducted up to the effective date of this Directive.
  4. Paragraphs 6 and 8 of Directive No. 03/DCC/2018, dated October 26, are hereby revoked.
  5. This Directive enters into force immediately.

DIRECTIVE NO. 09/DCC/DRO/2019 Page 2 of 2 Luanda, October 25, 2019. FOREIGN EXCHANGE CONTROL DEPARTMENT

Veloso Ndunguini Filipe Pedro -Director-

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