Regulatory Alerts2020-04-17
Circular Letter No. 02/DCC/2020, April 18
The Central Bank of Angola issued Circular Letter No. 02/DCC/2020 to mandate that all letter of credit settlements require an immediate debit from the importer’s national currency account at the prevailing selling exchange rate, prohibiting foreign-currency-indexed credit. The directive requires banking institutions to rectify existing non-compliant records by converting credited amounts to national currency equivalents at the settlement date, ensuring imported goods transactions adhere to current foreign exchange rules. Non-compliant institutions face penalties under the Foreign Exchange Law and Financial Institutions Framework Law, while aggrieved importers may file complaints with the Bank’s Financial Conduct Department.
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