Regulatory Alerts2018-12-10
Instrutivo No. 21/2018 on Exchange Rate Policy – Extension of Temporary Suspension of Licensing for Imported Goods Operations
The Banco Nacional de Angola extends the temporary suspension of prior licensing for imported goods operations that remain unsettled beyond 360 days following customs unloading clearance. Banking financial institutions must verify the legitimacy of these operations through supporting documentation before settlement, with non-compliance constituting a punishable offense under existing exchange rate and financial institution laws. These provisions remain effective until December 31, 2019, and any interpretive doubts are resolved by the central bank.
INSTRUTIVO NO. 21/2018 of December 11
SUBJECT: EXCHANGE RATE POLICY
- Extension of the Temporary Suspension of Licensing for Foreign Exchange Operations on Imported Goods
Considering the need to extend the term of the temporary suspension of the licensing obligation by the Banco Nacional de Angola for imported goods operations that remain to be settled 360 (three hundred and sixty) days after the date of customs clearance for unloading; In exercise of the powers conferred upon me under the combined provisions of paragraph 2 of Article 28 of Law No. 5/97, dated June 27 – Exchange Rate Law, and Articles 40 and 51 of Law No. 16/10, dated July 15 – Law of the Banco Nacional de Angola.
I HEREBY DETERMINE:
- Term of the Temporary Suspension of the Licensing Obligation 1.1 Imported goods operations awaiting settlement, whose customs clearance for unloading occurred more than 360 (three hundred and sixty) days ago, are exempt from prior licensing by the Banco Nacional de Angola, as provided in Article 5 of Notice No. 05/18 dated July 17. 1.2 Banking financial institutions must verify the legitimacy of operations by reviewing supporting documentation prior to settlement.
CONTINUATION OF INSTRUTIVO NO. 21/2018 Page 2 of 2 1.3 The provisions established in paragraph 1 of this Instrutivo shall remain in force until December 31, 2019. 1.4 Prior licensing by the Banco Nacional de Angola, under Decree No. 23/98 of July 24 regulating capital operations, applies to loan and other credit contracts concluded between foreign suppliers and imported goods buyers. 2. Penalties Non-compliance with the provisions of this Instrutivo constitutes an offense provided for and punishable under Law No. 5/97 dated June 27 – Exchange Rate Law, and Law No. 12/15 dated June 17 – Framework Law of Financial Institutions. 3. Doubts and Omissions Doubts arising from the interpretation and application of this Instrutivo shall be resolved by the Banco Nacional de Angola. 4. Entry into Force This Instrutivo shall enter into force on the date of its publication. PUBLISH. Luanda, December 11, 2018.
THE GOVERNOR JOSÉ DE LIMA MASSANO