Angola - Foreign exchange operations for the liquidation of imports and exports of goods

In brief

The National Bank of Angola (BNA) approved Notice 4/21 of 14 April, establishing the rules and procedures to be observed in foreign exchange transactions for the liquidation of import and export of goods in the Republic of Angola, and revoking Notice 5/18 of 17 July and 1/20 of 9 January, as well as Instruction 17/20 of 15 October.

Among the main amendments, we highlight the following

• Some news were introduced regarding the import payment terms, namely:

  • Elimination of the maximum amount for advanced payments. Furthermore, in this case, it is now established that the goods must enter into the country within a maximum period of 90 days (instead of the previous 180 days);

  • In the case of documentary credits, advanced payments may be made under the terms negotiated between the parties (without any limits);

  • Documentary remittances or collections are allowed under internationally used terms;

  • In the modality of documentary remittances, it is allowed the issuance of bank guarantees, including Standby LCs.

• For the payment of exports, advanced payments and irrevocable and non-transferable documentary credits are still foreseen, being now introduced the modality of exporter’s credit.

This Notice enters into force 30 days after the date of its publication.

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