Regulatory Alerts2020-10-14
Instruction No. 17/2020 of October 15 – Exchange Rate Policy: Limits on Foreign Exchange Operations for Goods Imports
The Banco Nacional de Angola adjusts foreign exchange payment limits for goods imports by permitting importers to freely negotiate payment modalities without annual or per-operation caps, while allowing advance payments up to USD 50,000 per operation or 10% under documentary credits (requiring irrevocable bank guarantees for higher amounts). Banking Financial Institutions must ensure strict compliance with exchange rate legislation and anti-money laundering/counter-terrorist financing regulations before executing any foreign currency transactions. This Instruction, effective upon publication, revokes the previous limits established in Instruction No. 18/19 and clarifies that all stated USD limits apply to equivalent foreign currency values.