Angola’s commercial banks are the only institutions that can sell foreign currency to the public

13 February 2018

According to the National Bank of Angola (BNA), requests to buy foreign currency in Angola should only be submitted to commercial banks, with the exception of large importers of medicines and/or food products who are still allowed to present them to the ministries of health and trade, respectively.

The Angolan central bank, after noting limitations on the amount of foreign currency available for sale to the economy, gave the companies with a set of recommendations “in order to ensure the most efficient use of foreign exchange.”

The BNA recommends that companies certify that there is no offer on the domestic market of the goods or services to be imported, preferring to import through letters of credit, to guarantee the delivery of the goods contracted, as well as payment to the supplier. The central bank also suggests, where possible, hiring goods or services directly from the officially licensed producer or agents, and to negotiate competitive prices so as not to burden the economy or harm the balance of payments.

Companies must also ensure that they have selected a suitable exporter with the help of the commercial bank, and if necessary, not hire companies whose business is doubtful (incorporated in jurisdictions classified as tax havens), not to split invoices and to comply with the rules of commercial banks.

The National Bank of Angola also said that private individuals should, whenever possible, submit requests to buy foreign currency to the commercial bank where their salary is paid into or where they regularly deposit income. (macauhub)