Regulatory Alerts2020-05-28
Foreign Exchange Regime Applicable to the Diamond Sector (Notice No. 13/2020 of May 29)
The National Bank of Angola issued Notice No. 13/2020 to update the foreign exchange regime governing diamond sector entities, including producers, cutting factories, and national buyers. The regulation mandates that all sales to non-resident foreign entities be fully settled in foreign currency, which must be deposited into domestic foreign currency accounts and utilized for authorized external payments, imports, and shareholder distributions. Domestic diamond transactions are required to be conducted exclusively in national currency via bank transfers, while external financing and capital operations remain subject to prior authorization or escrow account requirements.
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