Angolan banks authorized to sell currency without documentary justification

15 November 2019

Private foreign exchange transactions will be carried out as of January 2020, without the need to present any documentation, as is currently required, the National Bank of Angola (BNA) announced in a notice posted on its website.

Notice no. 10/2019, of 6 November, on procedures for foreign exchange operations by individuals, according to the BNA, is based on the need to adjust the process of flexibility procedures for the purchase of foreign currency by individuals.

The document states that it is not necessary to present supporting documentation for private foreign exchange operations, namely those related to travel expenses, unilateral transfers of a private nature, including those for family support.

The annual limit for all-purpose private transactions carried out in the same calendar year by foreign exchange resident individuals over the age of 18, by purchasing foreign currency or using their own funds, cannot exceed the cumulative amount of the equivalent of US$120,000, regardless of the purpose or payment instrument used, the document said.

Payments for health, education and accommodation when they are made directly to the providers of those services are exempt from the US$120,000 limit, under the new regulations.

Also exempt from the limit is the transfer of funds accumulated by non-resident foreign nationals during their stay in the country upon termination of their stay in Angola.

Notice 10/2019 is one of four regulations issued this week by the BNA, as part of the measures to adjust the exchange rate policy that the central bank has been developing since January of this year. Related documents can be viewed at https: // www.bna.ao/Conteudos/Legislacao/search_legislacao.aspx?idc=140&idsc=155&idl=1 (Macauhub)

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