International remittances in Angola now have to be denominated in kwanzas

23 May 2013

Remittance in Angola are now required to be exclusively denominated in national currency – the kwanza – regardless of their destination, according to the latest rules approved by the National Bank of Angola that came into force on Wednesday.

According to a statement issued on the Angolan central bank’s website, the new rules apply to all financial institutions that provide remittance services operating in the Republic of Angola.

The statement defines remittances as “all small amounts that do not require a current or savings account to be set up by the payer or the beneficiary (…) and may be national or international.”

As well as stipulating that national currency must be used for all payments and receipts, the document notes that all international remittances may only be ordered by foreign citizens who are legally resident or by Angolan citizens.

Limits on international remittances are set at 500,000 kwanzas (US$5,191) per month and 2 million kwanzas (US$20,765) per year per person, whilst ceilings for national transactions have been left up to each bank to decide.

With theses measures the National Bank of Angola plans to promote “greater comfort and security” in the use of payment services, as well as to continue with its plan to value the national currency, the bank’s statement said.

Western Union and MoneyGram are two of the main remittances companies in Angola. (macauhub)