National Bank of Angola to allow movement of foreign currency accounts once again

24 February 2017

Foreign investors and other non-residents with foreign currency accounts will be able to make use of them through debit transactions to pay for services in kwanzas to foreign residents and money orders or transfers abroad, according to a notice from the National Bank of Angola.

Notice 2/17, of 3 February, also includes the use of foreign currency funds through transfers to accounts held by legal foreign resident entities, with which there is a group relationship, according to Jornal de Angola.

Foreign exchange non-residents – individuals with habitual residence abroad or foreign-based entities – are now also able to operate accounts in foreign currency, using international electronic payment cards or other payment instruments accepted on the international market, and payment of “any costs associated with maintaining an account or movement of funds,” according to paragraph 4 of Article 4 of that notice.

“(…) It is necessary to update the rules for opening and operation of deposit accounts for foreign non-residents and similar accounts in foreign currency,” said the preamble of the notice signed by the governor of the central bank, Valter Filipe, justifying changes to exchange rules with “the current exchange rate environment.”

The document, which came into force on 16 February, considers “accounts in equivalent foreign currency” to be accounts held by foreign non-residents, deposit accounts held by foreign residents denominated in foreign currency, provided they are supervised exclusively by funds from financial institutions domiciled abroad.

This move comes eight years after adoption of Notice No. 03/09 of 5 June on rule for opening bank accounts in local and foreign currencies, which allows transactions, in non-resident foreign currency accounts through credit through for import of means of foreign payment and deposits of revenues from their activity in the country, as expressly authorised by the central bank. (macauhub)