"The National Bank of Angola, as part of the ongoing process of gradual liberalization of the foreign exchange market, has changed the administrative procedures related to the invisible current operations of resident foreign exchange companies", announces the regulator.
Among the amendments, the Bank highlights "the elimination of the obligation to license service contracts entered into with non-resident foreign exchange entities, regardless of their value; the exemption from sending copies of the contracts to BNA; oblige us to enter into a contract, from one million kwanzas [about 2000 dollars], to 25,000 dollars, "reads a statement issued by the financial regulator.
"Henceforth, it will be the responsibility of commercial banks to rigorously validate all current invisible operations based on their customer's knowledge and review of supporting documentation, including service contracts, where applicable, to ensure the operation is framed within the context of the originator and the legality of the documentation", is added in the note.
After the transfer requests have been validated, "commercial banks can sell foreign currency to their clients for the execution of current invisible operations that they order", the statement said.
According to the BNA, "the obligation to register all current invisible transactions in the SINOC (Integrated Foreign Exchange Transactions System) is mandatory, and contract information is submitted through a fact sheet summarizing its terms and conditions if, however, sending a copy of the contracts to the National Bank of Angola".
