Under the National Bank of Angola (BNA) Directive No. 06/DCC/DMA/2019, of 5 July 2019, which enters into force on 1 August 2019, the criteria were established for the allocation of limits on importation documentary credits (CDIs) by way of auction.
Pursuant to said Directive, the BNA announces on a monthly basis the amount to be allocated to CDI auctions. Banks must participate in the auctions, indicate to the BNA the amount required for the CDIs, and comply with the relevant requirements. The total amount to be allocated to each bank depends on its market share in respect of corporate sector deposits and is limited to the needs reported by each bank. Also to be taken into account is the degree of execution of the limits previously allocated to each Bank.
The opening is forbidden of letters of credit whose beneficiaries are trading companies in non-cooperative offshore jurisdictions. Banks must also prioritize equipment and raw-material operations under programs to foster the economy.
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