The Central Bank of Angola (“BNA”) established new rules and procedures applicable to the foreign exchange transactions for the settlement of the importation and exportation of goods, as per Order No. 5/18. This Order was regulated by Instruction No. 09/2018 in order to establish limits for foreign exchange transactions involving the importation of goods.

Under said Order, the importation of goods with a settlement period of more than 360 days (from the date of the customs clearance of the landing of the relevant goods) is subject to BNA licensing. The following payment methods and terms are acceptable:

(a) Advance payments:

i) Instruction Limits: up to EUR 25,000.00 (twenty-five thousand euros) per transaction and up to EUR 300,000.00 (three hundred thousand euros) per year, excluding the advance payments allowed under documentary credits;
ii) Maximum period of 180 days for the entry of goods into the country.

(b) Documentary credits:

i) Mandatory for importation transactions of more than EUR 100,000.00 (one hundred thousand euros);
ii) Maximum period of 360 days for the entry of goods into the country;
iii) The option of advance payments of up to 10% of the total amount of the transaction.

(c) Documentary remittances and collections:

i) Instruction Limits: remittances of up to EUR 50,000.00 (fifty thousand euros) per transaction and collections of up to EUR 100,000.00 (one hundred thousand euros) per transaction;
ii) Total limit per importer of EUR 1,000,000.00 (one million euros) per year, irrespective of the payment method used;
iii) These limits do not apply to importation payments of goods under external financing contracts previously approved by the BNA.

In certain situations expressly specified in the Order, the settlement of importation of goods may be made without prior licensing by the Ministry of Foreign Trade.

Foreign exchange transactions relating to the exportation of goods do not require prior BNA licensing, unless they are carried out differently from that established in this Order. The following payment methods and terms are acceptable:

(a) Advance payment;
(b) Irrevocable and non-transferable documentary credit, with a maximum validity period of up to 180 days;
(c) Other methods that may be defined by the BNA according to the specific needs of the market at any given time.

This Order revokes all contradictory regulations, namely Order No. 19/12, of 25 April 2012, Order No. 3/14, of 12 August 2014, Order no. 4/17, of 28 June 2017, and the Instruction No. 4/17, of 27 March 2017.

Said statutes will enter into force on 31 August 2018.

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