Regulatory Alerts2012-10-22
Notice No. 28/2012 of October 22 – Amendment to Articles 4 and 8 of Notice No. 01/2012 on Foreign Currency Inflow and Outflow
The Bank of Angola’s Governor issued Notice No. 28/2012 to amend Articles 4 and 8 of its January 2012 regulation on foreign currency movements. The amended provisions establish a maximum outbound limit of USD 10,000 for non-resident adults and USD 3,000 for minors, while permitting higher amounts if travelers present a duplicate customs declaration matching their initial entry value. This notice clarifies the legal framework for non-resident natural persons carrying foreign currency out of Angola and enters into force thirty days after publication.
[LOGO: BNA - BANK OF ANGOLA] Office of the Governor
NOTICE NO. 28/2012 dated October 22
SUBJECT: AMENDMENT TO THE TEXT OF ARTICLES 4 AND 8 OF NOTICE NO. 01/2012, DATED JANUARY 16, REGARDING INFLUX AND OUTFLOW OF FOREIGN CURRENCY
Considering the terms and conditions for the influx and outflow of national and foreign currency from the national territory, by travelers, whether resident or non-resident natural persons, were established in Notice No. 01/2012 of January 16;
Therefore, and because the experience gathered justifies the need to clarify the legal regime provided in the aforementioned Notice regarding the right of non-resident natural persons, whether adults or minors, to carry out of the national territory any amount in foreign currency;
Under these terms, and in the exercise of the competence conferred upon me by paragraph f) of paragraph 1 of Article 51 of Law No. 16/2010 of June 15, and paragraph 2 of Article 28 of Law No. 5/1997 of June 27;
I HEREBY DETERMINE:
Article 1 Article 8 of Notice No. 1/2012, dated January 16, shall henceforth read as follows:
" Article 8 (Non-Currency Residents)
- Non-currency resident natural persons aged 18 years or older may, freely and independently, carry with them upon exiting the national territory foreign currency in an amount not exceeding the equivalent of USD 10,000.00 (ten thousand United States dollars).
4 de Fevereiro Avenue, No. 151 - Luanda, Angola - P.O. Box 1243 Tel: (+244) 222 679 200 Fax: (+244) 222 679 217 www.bna.ao
[LOGO: BNA - BANK OF ANGOLA] Office of the Governor
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Non-currency resident natural persons under 18 years of age may, freely and independently, carry with them upon exiting the national territory foreign currency in an amount not exceeding the equivalent of USD 3,000.00 (three thousand United States dollars).
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The non-currency resident natural persons referred to the preceding paragraph who, upon entering the national territory, completed the declaration provided for in Article 2 of this Notice may exit the national territory with foreign currency amounts exceeding the limits established in the preceding paragraphs if they present a duplicate of said declaration, and in such case, the amount presented by these non-currency resident natural persons may not exceed the value declared upon entry.
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The duplicate of the declaration referred to in the preceding paragraph must be submitted to the customs authorities at the time of exit from the country."
Article 2 (Entry into Force)
This Notice shall enter into force 30 (thirty) days after the date of its publication.
PUBLISH.
Luanda, October 22, 2012
THE GOVERNOR
[Signature]
JOSÉ DE LIMA MASSANO