Regulatory Alerts2017-06-28
Notice No. 04/2017 of June 28 - Exchange Regime for the Export of Goods
The Bank of Angola issued Notice No. 04/2017 to establish the rules and procedures for foreign exchange operations related to the receipt of export and re-export revenues in Angola. The regulation mandates that all export proceeds be deposited in foreign currency accounts at authorized banks, specifying acceptable payment modalities, strict documentation requirements, and maximum timeframes for revenue repatriation. It further outlines compliance obligations for financial institutions, including record-keeping, monthly reporting of non-compliant entities, and sanctions for violations, while granting exemptions from exchange settlement for specific non-commercial exports.
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