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BNA adjusts foreign exchange transactions on import

Sat, 17 Oct 2020 09:02 - Updated Sat, 17 Oct 2020 08:33

Headquarter of the National Reserve Bank of Angola " BNA "

Photo: Francisco Miúdo

Luanda - The National Bank of Angola (BNA) has adjusted the limits for exchange operations on imports of goods, setting advance payments or advances, per operation, of up to US$50,000 and up to 10% of the total amount of the operation when it comes to documentary credit.

The Central Bank's decision is justified by the need to adjust the limits applicable to the various payment instruments used in foreign exchange transactions for the import of goods, in accordance with the Instruction published this Thursday on the BNA's website.

The document states that importers are free to negotiate the modalities of payment on the import of goods and that these are not subject to any annual limits or per transaction, except for the forms of advance payments or advances of up to USD 50,000 per transaction and up to 10% of the total amount of the transaction when under documentary credit.

For advance payments or advances of amounts greater than those referred to, the exporter must present an irrevocable bank guarantee of good execution of equal value, issued by a foreign bank recognised by the importer's financial institution.

In this way, the BNA guides the financial banking institutions to ensure strict compliance with the requirements laid down in foreign exchange legislation and regulations, the prevention of money laundering and the financing of terrorism, before carrying out any foreign exchange operation for the payment of imports, regardless of whether this is done through the purchase of foreign currency or the use of the importer's own funds in that currency.

According to the Instruction, the limits expressed in the United States dollars apply to equivalent values in any other foreign currency.

"Violation of the provisions of this Instruction subjects financial banking institutions to penalties under the Financial Institutions Act and the Foreign Exchange Act", reads in the document.