Regulatory Alerts2019-12-02
Notice No. 13/2019 on Foreign Exchange Operations of the Oil and Gas Sector for Settlement of Domestic Resident Services and Goods
The National Bank of Angola, through Governor José de Lima Massano, issued Notice No. 13/2019 to restore foreign currency sales by oil and gas sector companies to commercial banks for settling domestic resident services and goods. The regulation mandates that these transactions occur at freely negotiated exchange rates, prohibits new tripartite contracts between operators, banks, and service providers, and invalidates existing ones after December 31, 2020. Non-compliance triggers penalties under the Foreign Exchange Act and Financial Institutions Basic Act, with full effect beginning January 2, 2020.
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