A new Foreign Exchange Law (Legislative Decree No. 3/2018, of 22 June 2018) was gazetted on 22 June 2018, thereby approving the new legal framework for the economic and financial operations with foreign countries and foreign exchange operations in Cape Verde.
In the process of implementing several reforms aimed at boosting the economy and liberalizing foreign operations, this statute liberalizes economic and financial relations with foreign countries, notably capital operations, which were previously subject to verification, and often prior authorization, from the Bank of Cape Verde. Only in exceptional circumstances may temporary restrictions be imposed on economic and foreign exchange transactions undertaken by residents with non-residents.
In sum, the contracting and settlement of economic and financial operations with foreign countries may now be undertaken freely, without prejudice to the application of other rules of a different nature such as customs and foreign investment.
The new exchange rules enter into force on 23 July 2018.
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