Regulatory Alerts2012-04-25
Notice No. 20/2012 of April 25
The National Bank of Angola (BNA) issued Notice No. 20/2012 to establish foreign exchange procedures and a phased implementation schedule for oil sector exploration, appraisal, development, and supply activities. The regulation mandates that the National Concessionaire and investor companies deposit foreign currency values, settle domestic payments in national currency, and route operator payments through designated Angolan banking accounts by specified dates between October 2012 and July 2013. Furthermore, it requires monthly and quarterly electronic reporting of guarantee account positions, external investments, and non-resident contracts to the BNA's Foreign Exchange Control Department, with all operations registered in the SINOC system and violations subject to existing financial laws.