National Bank of Angola to publish names of companies that do not follow new foreign exchange regulations

12 July 2012

The National Bank of Angola (BNA) plans to start publishing the names of companies that do not follow the new regulations that outline how import and export operations are paid for, an official from the central bank said Tuesday in Luanda.

Cited by daily newspaper Jornal de Angola, the director of the Foreign Exchange Control Department of the BNA, Marília Poças said at a seminar on foreign exchange operations that “irregularities” had been detected in dome invoices coming into retail banks, which include no description of the goods imported or exported, or the name and address of the importer and a statement of origin of the goods.

“These are situations that we want to safeguard against and retail banks cannot make payments without these details being clearly organised,” she warned.

In order to adjust to the new regulations, Jornal de Angola said, two software programmes have been set up – the Integrated Foreign Trade system (Sicocex) and the Integrated Foreign Exchange Operations System (Sinoc) – which make it easier to supervise import and export transactions.

“This system interacts with several institutions and allows exchange and sharing of information between the Trade Ministry, the BNA, the National Customs Services, Retail Banks and official Customs Agents,” said a source cited by the newspaper. (macauhub)