Regulatory Alerts2017-03-26
Instruction No. 04-2017 of March 27, 2017
The Governor of the National Bank of Angola issued Instruction No. 04-2017 to alleviate foreign exchange shortages by temporarily suspending specific provisions of Circular No. 19/12. The directive permits banking financial institutions to settle merchandise import operations for up to 720 days from the date of the Single Document. Any foreign exchange operations exceeding this 720-day threshold remain subject to the licensing requirements of the National Bank of Angola under capital operations regulations.
Avenida 4 de Fevereiro, nº 151 - Luanda, Angola - Caixa Postal 1243 Tel: (+244) 222 679 200 Fax: (+244) 222 339 125 www.bna.ao Governor's Office MOD. 150-005 D Avenida 4 de Fevereiro, nº 151 - Luanda, Angola - Caixa Postal 1243 Tel: (+244) 222 679 200 Fax: (+244) 222 679 217 www.bna.ao INSTRUCTION No. 04/17 of March 27 Subject: Considering it necessary to confer greater agility to banking financial institutions in the settlement of merchandise import operations, aiming to address the constraints resulting from the scarcity of foreign exchange in the currency market, from which a considerable number of pending operations arise; While the current framework in the currency market prevails; Pursuant to the combined provisions of paragraph 2 of Article 28 of Law No. 5/97, of June 27, the Foreign Exchange Law, and Article 40 of Law No. 16/10, of July 15, the Law of the National Bank of Angola; I DETERMINE:
- The application of paragraphs 3 and 5 of Article 14 of Circular No. 19/12, of April 25, is temporarily suspended.
- Banking financial institutions may carry out foreign exchange operations intended for the settlement of merchandise up to 720 (seven hundred and twenty) days from the date of the Single Document.
- Foreign exchange operations intended for the settlement of merchandise abroad that exceed the period provided for in the preceding paragraph shall be subject to licensing by the National Bank of Angola in accordance with the regulations on capital operations.
- Contracts that provide for merchandise payments with a term exceeding 720 (seven hundred and twenty) days after the date of the Single Document must also be treated in accordance with capital regulations. MERCHANDISE OPERATIONS - Temporary suspension of the application of paragraphs 3 and 5 of Article 14 of Circular No. 19/12, of April 25
MOD. 150-006 D Continuation of Instruction No. 04/17 Page 2 of 2 5. The suspension provided for in point 1 shall be in force for a period of 36 (thirty-six) months, counted from the date of publication of this Instruction. 6. This Instruction enters into force on the date of its publication. PUBLISH Luanda, on March 27, 2017. THE GOVERNOR VALTER FILIPE DUARTE DA SILVA Governor's Office