The National Bank of Angola (BNA) has introduced more flexible rules for the import and export of capital by non-resident investors with the process of opening the capital and financial account, according to a statement issued on the central bank’s website.
The central bank pointed out that the introduction of a new exchange rate regime, in January 2018, has opened the way for the gradual liberalisation of the foreign exchange market, having initially decided to open up the capital and financial accounts, intending to keep some control over certain flows which might represent a significant risk to the stability of the foreign exchange market.
The partial opening of the financial account has led to a waiver on licensing by the BNA on imports of capital by foreign investors who want to invest in the country in companies or projects in the private sector as well as on the export of income related to these investments.
Export of capital resulting from the sale of investments in securities traded on a regulated market, as well as the sale of any investment when the buyer is also not resident are also exempt from licensing.
The BNA recalled that investment in public debt securities and the sale of a shareholding by a foreign investor in a company or project to a tax resident shall remain subject to licensing by the BNA.
The central bank noted this decision was an important development that would make the Angolan economy more open and would support the government’s efforts to attract foreign investment. (macauhub)