Angola’s National Bank resolves salary payment for expatriates

17 April 2018

The National Bank of Angola on Monday completed the process of paying salary arrears through a foreign exchange auction in which it sold 38.3 million euros, said the bank in a statement released in Luanda.

The auction, which recorded an average exchange rate of 268.46 kwanzas per euro, for the sale of foreign currency to cover the salaries of expatriate workers in the non-export sector was part of the strategy of the Angolan central bank to reduce the number of outstanding foreign exchange operations.

The central bank took the opportunity to recommend to resident employers that in the act of contracting, renewing or reviewing employment contracts with a balance of payments impact, they should take into account the context of less foreign exchange availability, the current correction of prices in the economy and strict compliance with current exchange rate regulations.

The difficulties in the repatriation of expatriate salaries have dragged on since 2015 and the then Secretary of State for Internationalisation of Portugal, Jorge Costa Oliveira, met with the governor of the BNA in July 2016, convinced that the several months of delay could begin to be resolved by the end of that year.

During the same visit to Luanda, Oliveira announced that the Portuguese government was studying the launch of a credit line to allow for payment of the then 160 million euros in wages that Portuguese workers in Angola had been unable to repatriate for several months.

This credit line was never opened by the Portuguese government, according to Portuguese state news agency Lusa. (macauhub)