Angola - Foreign exchange regime applicable to the Mining Sector

In brief

It was published the Notice 02/2023, of 07 February, of the National Bank of Angola, which establishes the foreign exchange regime applicable to the mining sector, revoking the Notice 13/2020, of 29 May 2020, which established the foreign exchange regime applicable to the diamond sector.

The diploma extended the scope of application of the foreign exchange regime to the mining sector in general, being thus no longer limited to the diamond sector.

Among the changes introduced by the new diploma, and now applicable to the mining sector in general, we highlight the following:

• Possibility of opening bank accounts abroad, including “escrow accounts” without the need for authorization from the National Bank of Angola;

• Possibility of contracting financing abroad without the need for authorization from the National Bank of Angola;

• Expansion of the possibilities for operating bank accounts in foreign currency domiciled in Angola, namely for the purpose of paying capital, interest and charges relating to loans or debt in foreign currency contracted in the country or abroad and reimbursement of shareholders loans originating outside the country;

• Harmonisation of the foreign exchange rules relating to capital operations and transfers of profits and dividends with the foreign exchange regime in force in the country.

The Notice entered into force the day after the date of its publication.

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