Angola’s National Bank warns commercial banks to comply with exchange rules

23 October 2018

The National Bank of Angola (BNA) will penalise commercial banks that do not observe the applicable rules on foreign exchange transactions for prepayments, the central bank said in a statement released on Monday.

The sanction that the central bank plans to apply is to ban the banks from carrying out further foreign exchange transactions on the import of goods, as the BNA has observed high levels of default by importing companies in relation to deadlines for providing supporting documents to commercial banks related advance payments.

Accordingly, and as a way of ensuring compliance with the rules applicable to this type of payment by all parties involved in these transactions, the BNA points out that the consequences of non-compliance with these rules are set out in Notice No. 5/18 of 17 July .

This notice stipulates that, in cases of advance payments, the importer must deliver proof of the entry of the goods into the country to the bank within a period of 30 days from the date of customs clearance, and may not exceed 180 days counting from the date of settlement of the foreign exchange transaction. 

Banks should keep an up-to-date record of delivery deadlines for supporting documentation related to advance payments and shall report monthly to the National Bank of Angola the list of importing entities that have not met those deadlines.

Banks shall refuse to carry out future operations of the same nature, whenever failure to comply with these deadlines is established, unless this has occurred for justifiable reasons and, in the meantime, the situation has been duly settled. (macauhub)