Directive No. 02 - DCC-2019 of May 14

THE GOVERNOR
DIRECTIVE NO. 02/DCC/2019
ORIGIN: Foreign Exchange Control Department (DCC) DATE 14/05/2019 SUBJECT: Foreign Exchange Policy Definition of "foreign exchange arrears"

Whereas it is necessary to define, for statistical purposes, the concept of "foreign exchange arrears" to ensure a uniform understanding of the terminology when used by the National Bank of Angola; This Directive serves to establish the following:

1. Foreign exchange arrears are considered to be instructions for transfers abroad that have been awaiting foreign exchange coverage for more than 60 (sixty) days in the same Commercial Bank and that are ready to be executed, namely those that meet the following requirements cumulatively:
   a) All supporting documents necessary for their execution have been in the Bank's possession for more than 60 (sixty) days; b) They have been duly validated by the Bank; c) When applicable, they are licensed by the National Bank of Angola; d) The client has sufficient national currency available to purchase foreign currency.

2. For classification purposes as foreign exchange arrears, all commercial operations relating to the import of goods, current invisible services, and capital transactions are included.

3. Whenever the conditions referred to in paragraph 1 of this Directive cease to be met due to insufficient national currency balance in the client's account for the full foreign exchange coverage of the operation, the operation ceases to be classified as a foreign exchange arrears.

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4. Commercial Banks must implement procedures that enable them to continuously identify operations classified as foreign exchange arrears.

5. This Directive establishes only the criteria for classifying foreign exchange operations recorded in Commercial Banks, and not any deadlines for the acceptance or processing of operations; therefore, Commercial Banks must continue to normally process all foreign currency purchase requests submitted by their clients that meet the requirements defined in the foreign exchange and anti-money laundering and counter-terrorist financing regulations, regardless of the dates of their supporting documents.

6. This Directive enters into force on the date of its publication.
   Luanda, May 14, 2019.
   FOREIGN EXCHANGE CONTROL DEPARTMENT
   ______________________________________________ Veloso Ndunguini Filipe Pedro -Director-