Foreign exchange operations will have new rules to settle merchandise imports and exports in Angola, beginning on 15 September. These rules will revoke previous obligations required until now.
Among the legal provisions revoked by Banco Nacional de Angola (BNA) in a public notice issued on 17 July, according to Legis-PALOP+TL Regional Coordination, is the maximum transaction value limit of 30 million kwanzas (US$100,000) as a condition for advance payments.
One advanced payment mode condition will impose a maximum period of 180 days for merchandise to enter the country, counting from the date of the effective foreign exchange operation. In this case, the importer must justify the merchandise’s entry within 30 days of its release from customs by delivering the receipt to the intermediary bank.
The importer must also comply with the deadlines for submitting support documents for advance payments, deducting any amount paid in advance under a documentary credit, as well as the total amounted invoiced in negotiation of the documents. Failure to do so may lead the bank to reject future advance payment operations.
Also, starting on 15 September, the practice of splitting up import operations by issuing various invoices for amounts less than the set limit for advance payments or for documentary collections and remittances by the same supplier will no longer be allowed.
The new rules reference Angola’s Foreign Exchange Law (law no. 5/97) with respect to the standards for merchandise foreign exchange operations. They are applicable to all those involved in such operations, whether natural or legal persons, intermediary banks, or public or private entities responsible for guaranteeing compliance with regulations.
They do not cover entities subject to the special foreign exchange systems for the oil and diamond sectors.
The new rules also impose the need for BNA licensing of merchandise import operations with a settlement period of more than 360 days counting from the date of the customs disembarkation order, Legis-Palop+TL Regional Coordination also reports.
Because the BNA Notice does not establish rules and procedures to observe when re-exporting goods, there will be a legal void in that area from 15 September onward, unless new rules and procedures applicable to merchandise re-exports are approved, the same source indicates.
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