Imports into Angola start using letters of credit

21 June 2018

The import of goods into Angola will now be done through letters of credit, as they are the best financial instrument used in international trade, said on Wednesday in Luanda, the governor of the National Bank of Angola (BNA), José de Lima Massano.

The governor said that, unlike transfer orders, the letters of credit guarantee both the entry of the goods into the country and the documentation necessary to confirm the availability of resources, specifically foreign currency, to pay the exporters.

Massano was speaking on the sidelines of the presentation to the national and foreign business sector of the New Instruction on Procedures for Foreign Exchange Procedures for Import and Export of Goods, a document that is in the final stages of being drafted.

With the new BNA guidelines, the foreign exchange resources related to the export of goods produced in Angola may return to the economy, and the exporter can keep part of the value to honour subsequent payments and another part will be sold to the central bank, according to the governor, quoted by Angolan state news agency Angop. (macauhub)