Commercial bank conducts first free sale of currencies in Angola

8 January 2020

A commercial bank operating in Angola held the first free sale of currencies to individuals without the need to present travel documents, an operation carried out under the terms of Notice 10/2019, of 6 November, said the Angolan central bank (BNA).

The operation was verified by the central bank, and a source told state newspaper Jornal de Angola that henceforth commercial banks may act in the same way throughout the country, in accordance with the Notice that regulates procedures for foreign exchange operations by individuals.

The Notice sets a limit equivalent to US$120,000 per year as a maximum ceiling for travel, transfers and for family support.

Prior to the entry into force of this measure, on 2 January, commercial banks were authorised to buy foreign currency from oil companies, directly and without the mediation of the BNA.

Alongside this decision, the BNA reduced the limit of exchange position of banks to 5% of own funds to 2.5%, so that the currency to be acquired by commercial banks is not retained by them. (macauhub)