The National Bank of Angola Order No. 7/22, of 15 March 2022, which entered into force on the same day, establishes, in certain situations, a preference for payment in Kwanzas of insurance and reinsurance premiums to which operators in the Oil & Gas Sector in Angola are parties, as follows:

• For upstream and midstream energy insurance contracts, transactions should preferably be settled in Kwanzas, though they may be settled in foreign currency by agreement between the parties;
• For non-energy insurance contracts related to oil and gas exploration and production activities, transactions must be exclusively settled in Kwanzas;
• Foreign exchange transactions for payments to foreign exchange non-resident reinsurance companies must be settled with funds held in accounts domiciled in Angolan Commercial Banks and held by the insurance companies.

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