NEW LIMIT OF EXCHANGE TRANSACTIONS FOR FAMILY ALLOWANCE
Through Instruction No. 06/18, of 19 June 2018, the monthly sale of foreign currency per beneficiary for family allowance was limited to EUR 1,000.00, and the monthly limit per sender shall not also exceed EUR 2,500.00. Expenses related to health and education are not subject to said limits when paid directly to the services providers.
This Instruction shall enter into force on 1 July 2018.
CREATION OF AN INDEPENDENT FUNCTION FOR FOREIGN EXCHANGE CONTROL IN FINANCIAL BANKING INSTITUTIONS
On 19 June 2018, the Central Bank of Angola issued Instruction No. 07/2018, which imposed the creation by financial banking institutions of an independent foreign exchange control function, aimed to ensure strict compliance with the foreign exchange legislation and regulations in force.
The Instruction also sets forth the penalties in case of non-compliance with the new rules and determined that the Financial Institutions have until 18 August 2018 to comply with the same.
TEMPORARY SUSPENSION OF THE FOREING EXCHANGE LICENSING OPERATIONS FOR IMPORTATION OF GOODS
The Central Bank of Angola ("BNA") issued Instruction No. 08/2018, of 19 June 2018, through which it is temporarily suspended the need to license transactions for importation of goods pending settlement with regard to customs clearance orders dated after 1 January 2015. However, foreign exchange operations for the settlement of goods imported from abroad which were unloaded prior to 1 January 2015 are still subject to BNA’s licensing.
This Instruction shall be in force until 18 September 2018.
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